Seoul City to Provide Up to 200 Million KRW to Foreign Investment Companies Hiring 6 New Employees

Foreign-Invested Companies in New Industries Such as 'Finance and Digital Content'
Foreign Investment Ratio 30%+ + New Employment Within 5 Years After Investment

The Seoul Metropolitan Government has decided to provide financial support to foreign-invested companies. This measure aims to enable them to hire a large number of talents domestically and enhance their competitiveness through training.

On the 18th, Seoul announced that foreign-invested companies hiring six or more new employees in sectors designated as eight new growth engines, such as finance and digital content, will receive subsidies of up to 200 million KRW per company.

The eight new growth engine industries are ▲IT Convergence ▲Digital Content ▲Green Industry ▲Business Services ▲Fashion & Design ▲Finance ▲Tourism & Convention ▲Bio Medical. However, foreign-invested companies that have signed a Memorandum of Understanding (MOU) with Seoul City can receive support regardless of whether they belong to the new growth engine industries.

To apply for the subsidy, companies must maintain a foreign investment ratio of 30% or more as of the application date and must have conducted new hiring and training within five years from the date of initial or increased investment. Startups established within seven years and new applicants are given preference during the review. Companies receiving subsidies must maintain a permanent workforce and a foreign investment ratio of 30% or more until 2026.

Selected foreign-invested companies will receive employment and training subsidies combined, providing up to 1 million KRW per person for up to six months. In 2024, a total of 440 million KRW in subsidies is planned to be distributed.

Kim Yoon-ha, Director of the Financial Investment Division of Seoul City, said, "We are providing subsidies to encourage foreign-invested companies in Seoul’s new growth engine industries to actively invest and hire new employees domestically." He added, "We hope to continue improving the system and developing incentives so that foreign-invested companies participate in job creation in Seoul and lead the revitalization of Seoul’s economy."