Additional 5% Subsidy Support Rate
[Asia Economy Reporter Ra Young-cheol] Gangwon Province has selected two corporate investment promotion district sites to revitalize investment attraction in areas left out of investment support and to resolve regional imbalances within the province.
The province announced on the 21st that "out of 18 cities and counties, two cities/counties (Pyeongchang and Sokcho) were selected through document screening and the provincial corporate attraction committee review based on applications from cities and counties from November to December last year."
According to the province, the two selected sites are regions with less than 5% subsidy execution rate over the past three years and have shown poor investment attraction performance within the province, including the signing of memorandums of understanding for corporate relocations.
From next month until January 2025, companies signing investment agreements within the corporate investment promotion districts will receive an additional 5% support benefit on top of the existing support rate.
Relocated, newly established, or expanded companies receiving subsidies can choose and receive support for one of the following: wastewater discharge charge subsidy, logistics subsidy, or electricity bill subsidy.
This selection significantly expanded the scope to include not only industrial complexes and agricultural-industrial complexes within the region but also individual sites. Special focus was placed on selecting regions that had been neglected due to poor investment environments to create a balanced investment environment.
This is a strengthened measure to contribute to regional investment promotion and job creation, and an improvement measure designed to prevent the continuous concentration of subsidies in certain areas.
Ahn Kwon-yong, Director of the Global Investment and Trade Bureau, said, "Based on the improved investment environment in Gangwon Province, we will make every effort to quickly overcome the economic crisis by boosting the economy in a way that residents can feel and creating substantial jobs."
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