s markets-it is hardly surprising that the industry accounts for nearly 6 % of the nation's total G.N.P.
Development Plan for the Industry 行业发展计划
Such rapid development owes much to the aggressive support provided by the South Korean Government. In 1966 electronics was designated as a strategic export industry and provided with various financial aids and preferential tax treatment. Early production had been confined to radio sets, telephones and similar low technology products. Because of a shortage of technical knowledge the work was mainly achieved by domestic companies entering into licensing agreements with foreign manufacturers.
During the first five-year development plan, however, electronics began to take on a new importance and in 1965 domestic production of record players began. That was followed a year later by the assembly of television sets.
The industry really began to develop in the late 1960s with the manufacture of semiconductors such as transistors, integrated circuits and components for the booming computer industries of the world.
Since then tape recorders, desk and hand-held calculators and colour television sets have extended the wide range of Korean-made electronic products finding their way to world markets, often carrying the brand name of their Japanese and United States partners. Today about 80% of output is sold in more than 50 countries.
From a total production of $22M worth in 1966 the industry reached $734M in 1974. In the same period exports grew from $4M, representing 18% of production, to S553M, or 68 % of the total. The production target for 1975 was $780M, of which about $620M worth was earmarked for export. But with demand in Japan and the United States down by about 28 % and 14% respectively, that will take some achieving. To stimulate orders from depressed markets export prices have been lowered by amounts varying from 2% on radios to nearly 30 % on calculators.
In spite of slackening demand, the Government is pressing ahead with expansion plans aimed at a six-fold increase in the value of production by 1981. However, there will be a small drop in the proportion exported-from 68% in 1974 to 52% in 1981. That is planned to take into account the growth of domestic demand as Korean wages increase and local materials are substituted for imports.
The expansion plan calls for a further 560 factories to be built at a cost of $1,081 M of which it is hoped $53OM will be foreign investment.
Incentives for Foreign Companies 外国公司激励
In October 1973 the Government established an industrial estate at Gumi in Gyeongbug province, near the Seoul-Pusan motorway, exclusively for electronic and allied industries. In addition to the provision of normal services for industrial estate users, a wide range of incentives have been offered to foreign investors.
They have been exempted from a range of income, corporate and property taxes for the first five years and receive a 50% reduction for the next three years. The remittance of profits and dividends is guaranteed from the first year and the remittance of principal foreign investment is guaranteed after two years of business operation.
It is not surprising that within a very short time 60 com-panies were in occupation with room for a further 250 on the 2,600-acre site. By 1977-78
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