Shin Jung-hoon: Naju General and Innovation Industrial Complexes Redesignated as Special Support Areas

Result of 'Proactive Response' for Revitalizing the Local Economy

Congressman Shin Junghun.

Shin Junghoon, a member of the Democratic Party of Korea (representing Naju and Hwasun in Jeollanam-do), announced on the 21st that Naju General Industrial Complex and Naju Innovation Industrial Complex have been re-designated as Special Support Areas for Small and Medium Enterprises (SMEs) by the Ministry of SMEs and Startups.

This is the third re-designation since the initial designation in 2015, and as a result, SMEs within these industrial complexes will be able to receive various policy benefits.

When designated as a Special Support Area, SMEs in the region can benefit from: ▲participation in restricted competitive bidding and private contracts for public procurement ▲50% reduction in corporate tax, income tax, and individual local income tax (for two years) ▲preferential policy fund loans ▲designation as military service designated companies ▲priority in 17 business support programs from the Ministry of SMEs and Startups, among others.

Shin stated, "Companies in the industrial complexes have expressed concerns about business management due to the expiration of the Special Support Area designation," and explained, "This re-designation is the result of active cooperation and response with local governments and relevant ministries."

Shin also emphasized, "I expect that this decision will not only help create a stable investment environment and resolve business uncertainties for companies, but also greatly contribute to attracting companies to the industrial complexes and revitalizing the local economy. I will continue to work hard for regional economic development and support for businesses."