Jeju Island, All-Out Effort to Foster Key Industries in the Post-Corona Era

Budget Support for Cheongjeong Health Food, Intelligent Tourism Content, and Smart Grid Companies... Contributing to Regional Economic Revitalization
Including A-Grade Incentives for Regional Industry Development Project Evaluation, 19.8 Billion Won to

[Jeju=Asia Economy Honam Reporting Headquarters, Reporter Park Chang-won] Jeju Special Self-Governing Province is making every effort to foster key industries in line with the COVID-19 daily life and the post-COVID-19 era.

According to the announcement on the 25th, Jeju Province, together with Jeju Technopark, selected Clean Health Food, Intelligent Tourism Content, and Smart Grid as Jeju's key industries and supported related companies with a budget over five years (2015?2019).

As a result, it contributed to revitalizing the local economy by creating 1,189 new jobs, increasing sales by 147 billion KRW, and securing 573 intellectual property rights.

Additionally, in 2021, Jeju plans to invest a budget of 19.8 billion KRW, more than this year's 17.5 billion KRW, into key industries and establish a regional industry promotion plan linked to the government’s post-COVID policies, New Deal policies tailored to the new normal era, and non-face-to-face industries.

Jeju Province earned an excellent grade (Grade A) in the nationwide regional industry promotion project evaluation conducted by the Ministry of SMEs and Startups in July, securing an additional incentive budget of 700 million KRW for 2021.

Meanwhile, Jeju Province recently invested a total budget of 17.53 billion KRW, combining 12.411 billion KRW in national funds and 5.026 billion KRW in local funds, to support companies struggling due to COVID-19.

This year, through support for 39 R&D projects and 15 non-R&D projects, it is expected to create 225 jobs and increase commercialization sales by 25.8 billion KRW.

In particular, to assist local companies facing difficulties due to COVID-19, Jeju Province, central government departments, Jeju Technopark, and the Jeju Regional Business Evaluation Group are cooperating to provide support such as △ easing private burden matching △ increasing cash labor costs for existing personnel △ extending and reducing technology fee payment periods.

Yoon Hyung-seok, Director of Jeju Province’s Future Strategy Bureau, emphasized, “We will enhance the competitiveness of companies through proactive support to bring great hope to local companies struggling due to COVID-19, create quality jobs, and establish a foundation for revitalizing the local economy.”