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PANASIA Co.,Ltd. Designated as 2nd High-Tech Company in Busan R&D Special Zone

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INNOPOLIS Busan announced that PANASIA Co.,Ltd. was designated as a high-technology company in the Busan R&D Special Zone on October 21, 2014. 

 

PANASIA Co.,Ltd. is a global company in the marine and shipbuilding sector and was designated as a high-tech company for its Ballast Water Treatment System. 

 

PANASIA has secured its core technology and continued R&D investment since 1989. It achieved a total of 79.7 billion won in sales in 2013, more than a 30.8 percent jump compared to the previous year and was designated to participate in the 2014 World Class 300 Project.

 

PANASIA plans to move its headquarters in Noksan Industrial Complex and second factory in Gimhae to the R&D Convergence Area in the Mieum Industrial Complex in October. It is taking steps to grow even further as an environmentally friendly company specializing in ballast water treatment systems.

 

Through a tax support system geared toward qualified companies engaged in manufacturing, research and development, the high-tech company designation, under the Special Act on the Support of Special Research and Development, aims to promote the high-tech industry in the Busan R&D Special Zone.

 

Under the Special Act on the Support of Special Research and Development, the Ministry of Science, ICT and Future Planning appoints firms to the special zone which have; high-tech sales of over 30 percent of total sales and; research and development costs over five percent of total sales. Qualified companies receive the following benefits.

 

△ A 100 percent exemption of corporate and income tax for three years, followed by a 50 percent exemption for next two years

△ A 100 percent exemption of property tax for seven years, followed by a 50 percent exemption for next three years.

△ Acquisition tax exemption

 

Blue Science. Co., LTD was designated as the first high-technology company in the Busan R&D Special Zone this January. 

 

For more information, please contact the Economy & Industry Executive Office at (051)888-2515.