Introduction to GIC
The GIC is Peace
From a military area to the region of peace
From a history of war to a future of peace
24 hours of GIC
Assessments of GIC
The GIC is the future of the Korean peninsula
Learning place for the market economy
Economic Benefits of the GIC to South Korea
- Business owners of GIC said
- “No other complex in the world can replace the GIC.”
- “It’s not even a company if it can’t make money in the GIC.”
Economic Competitiveness of the GIC
- • The world’s top competitive labor force
- • Tax Haven levels of taxation
- • Superb accessibility (60km away from Seoul)
- • Turnover rate (0%), Customs-free
Outstanding Competitiveness of GIC
- Company income tax rates
- 5 years exemption
- The following 3 years
50% reduction
- Company income tax rates
- 5 years exemption
- The following 3 years
50% reduction
- Company income tax rates
- 5 years exemption
- The following 3 years
50% reduction
Five-year survival rate
Changes in the Business Environment of the GIC
| Company A | As of 2015 : Sales 586%, Operating Profit Growth Rate : 1,073% increase (from 2005) |
|---|---|
| As of 2017 : Sales 35%, Operating Profit Growth Rate : 87% decrease (from 2015) |
| Company B | As of 2015 : Sales 150%, Operating Profit Growth Rate : 2,522% increase (from 2005) |
|---|---|
| - Sales Cost / Sales : 88.6%(as of 2005), 72.5%(as of 2015), 86.9% (as of 2018) |
The GIC Shares the Same Values with the world
Seeing is Believing
Promotion of Welfare
Truth of the GIC
Suspicions of North Korean workers’ wages being diverted to North's nuclear and missile development programs
- • “The government hastily linked the wages of North Korean workers to North Korea’s nuclear and missile development programs without clear evidence or thorough investigation. (Policy Innovation Committee of the Ministry of Unification concluded on Dec. 2017)
- • The wage paid to the North Korean workers is just enough to support the cost of living for a family of four.
- • The GIC is not a ‘dollar box’ to North Korea but a ‘dollar box’ to South Korea.)
Slave Labor?
- • North Korean workers are very sensitive about the actual hours of work they do. They thoroughly check their overtime allowance incurred by extended working hours and night shifts, before signing their check.
The GIC creates a virtuous cycle of denuclearization
- • The ultimate goal of denuclearization is peace. Building on its experience of contributing to peace during the past 14 years, the GIC has the potential to create a virtuous cycle of denuclearization → The GIC operations need to be resumed for the sake of facilitating denuclearization
Values of the GIC
- Peace
- The GIC is an industrial complex of peace that has adopted the method of economic cooperation for the institutionalization of peace on the Korean Peninsula, to achieve peace by overcoming the division of the past 60 years.
- Economy
- The GIC is an inter-Korean economic project and a sustainable future growth engine that South and North Korea promote and achieve mutual respect, reconciliatory cooperation, coexistence, peace, and prosperity.
- Security
- The GIC is an effective means to alleviate military tension and serve as a buffer against conflict on the Korean peninsula through mutual cooperation and confidence building between South and North Korea.
- Unification culture
- The GIC is a space of integration where South and North Korean workers learn about their differences every day, communicate with one another based on a spirit of tolerance and magnanimity, and build examples of unification culture together.
Gaeseong Industrial Complex by Numbers(as of Dec. 2015)
