Ranked in the Top 10 Nationwide for Business Environment Perception
Building a 'Virtuous Cycle Economy' through Regulatory Easing and Customized Support
Yeongcheon City is solidifying its position as a 'business-friendly city.'
The city is mobilizing its full administrative capabilities to establish a stable foundation for corporate activities. It is recognized for simultaneously easing regulations and providing practical support, thereby driving sustainable growth in the local economy.
◆Top 10 in 'Business Environment Perception Survey' Administrative Sector... Business-Friendly Administration Confirmed by Indicators
Yeongcheon City was ranked in the top 10 in the administrative sector of the 'Business Environment Perception Survey' conducted by the Korean Chamber of Commerce and Industry among 228 local governments nationwide, earning recognition as a city with a business-friendly administrative environment.
In addition, corporate local income tax in the North Gyeongsang region has increased for four consecutive years, demonstrating that policies to attract and support corporate growth are yielding tangible results.
This is significant as it indicates that companies are settling stably in the region and maintaining continuous economic activity.
◆Enhancing Corporate Site Competitiveness through Strategic Industrial Complex Development
To strengthen the competitiveness of corporate sites, Yeongcheon City is developing five industrial complexes with a total area of approximately 3.68 million square meters, expanding the foundation for attracting businesses.
In particular, major investors such as Hwaseen Co., Ltd., Logen Co., Ltd., and Capec Valeo Co., Ltd. have moved into the Yeongcheon High-Tech Park District (1.22 million square meters), contributing to the advancement of the local industrial structure.
Furthermore, to boost the competitiveness of industrial complexes, Yeongcheon City has secured approximately 20.2 billion won (including national and provincial funds) by being selected for the Industrial Complex Environment Improvement Project. Efforts are also underway to improve the residential environment for workers and young people, such as building a Youth Culture Center and creating beautiful streets within the Yeongcheon General Industrial Complex.
◆Providing Customized Incentives and Strengthening On-Site Business Support
To promote corporate investment, Yeongcheon City operates an Investment Promotion Fund, providing more flexible and practical investment subsidies tailored to the needs of companies.
This helps alleviate the initial investment burden for businesses and supports them in settling and growing stably in the region.
The city is also continuously implementing financial support to ease the financial burden on companies.
Through interest support for operating funds, general companies receive up to 4% annually, while Yeongcheon City’s preferred companies receive up to 5%, providing substantial assistance for business operations.
Additionally, to address ongoing workforce supply issues raised on-site, the city is promoting support for dormitory rental costs and dormitory environment improvement projects. Projects to expand residential spaces and convenience facilities for employees of local companies are also underway.
◆Preemptively Reducing Licensing Risks through 'Site Criteria Confirmation'
Yeongcheon City operates a 'Site Criteria Confirmation Application System' to reduce the administrative burden companies face when establishing factories.
By utilizing this system, companies can check in advance whether their investments violate individual laws, thereby minimizing regulatory risks that may arise during the licensing process.
This enables companies to make faster investment decisions by reducing unnecessary time and costs, while Yeongcheon City secures effective administrative support for attracting businesses.
◆Information Delivered Quickly, Issues Resolved On-Site
To improve the accessibility and effectiveness of its business support policies, Yeongcheon City operates the 'Yeongcheon City Business Support Notification Talk (Kakao Channel).'
Through this channel, the city promptly delivers various business support policies from central government ministries and the city itself, and also provides consultations on business challenges.
In addition, by visiting companies, Yeongcheon City listens to management difficulties, regulatory improvement requests, and workforce supply issues, and reviews immediate administrative support measures, thereby strengthening its on-site business support system.
Going forward, Yeongcheon City plans to actively reflect the voices of businesses in its administration and continue to create a business-friendly administrative environment that companies can truly feel.
The city aims to rationally improve regulations and strengthen practical support, so that more companies choose Yeongcheon and the local economy continues to grow together.
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