Assemblyman Son Geum-ju, Naju Industrial Complex Designated as Special Support Area for Local SMEs

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Son Geum-ju, a member of the Democratic Party of Korea (Jeonnam Naju·Hwasun, National Assembly Budget and Accounts Special Committee, Agriculture, Forestry, Livestock, Food, and Maritime Affairs Committee), announced on the 27th that Naju General Industrial Complex and Naju Innovation Industrial Complex have been selected as special support areas for local small and medium enterprises eligible for institutional and financial support from the Ministry of SMEs and Startups.

This is the second designation following the initial designation of Naju General Industrial Complex and Innovation Industrial Complex as special support areas on March 13, 2015.

The "Special Support Area Designation System for Small and Medium Enterprises" is a government initiative that designates industrial complexes with underdeveloped industrial production and provides special support in areas such as taxation, financing, and market access to promote business attraction and revitalize the management of resident companies.

To secure the re-designation of the special support area, Representative Son has met with Park Young-sun, Minister of SMEs and Startups, emphasizing the need for support for the Naju industrial complex and persistently requested early confirmation of the designation.

With this designation, small and medium enterprises located in the special support area can participate in restricted competitive bidding and negotiated public contracts, receive a 50% reduction in corporate tax, income tax, and local income tax for five years, and enjoy preferential treatment when applying for policy fund loans, military service designated company status, and research and development (R&D) support.

Representative Son Geum-ju stated, “I strongly empathize with the concerns expressed by companies in the Innovation Industrial Complex regarding management instability due to the expiration of the special support area designation and have worked actively to address this. I expect this designation to help attract companies to the industrial complex, open new avenues for resident companies, and revitalize the local economy by creating stable investment conditions and alleviating management anxieties. I will continue to strive for the revitalization of the local economy.”