Gwangju City Expands Incentives for Corporate Investment Attraction

Significant Increase in Facility Investment Subsidy Support Rate from 5% to 10%

Gwangju City Hall

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 7th that the "Investment Promotion Ordinance and Enforcement Rules," which expand investment attraction incentives following the designation of the Gwangju Free Economic Zone, have been in effect since the 6th.

The amendment includes a significant increase in the facility investment subsidy, which was previously supported at up to 5% of the excess amount over 1 billion to 2 billion KRW by company type, to up to 10% of the excess amount over 500 million to 1 billion KRW.

Accordingly, it is expected that investment attraction will become more active as it can provide practical assistance to companies wishing to invest.

In particular, Gwangju will strengthen post-management along with the expansion of incentives.

Companies receiving incentives are obligated to carry out their business for five years and must maintain the number of regular employees to ensure continuous employment effects during this period. If employment is not maintained, the subsidy must be returned.

Joo Jae-hee, head of the city's Investment Attraction Division, said, "With the expansion of investment attraction incentives this time, investment attraction activities will gain more momentum and contribute to the revitalization of the Gwangju Free Economic Zone," adding, "We will actively support investing companies and do our best in post-management to ensure that investment attraction subsidies are executed more effectively."