News & Event
- Home
- News
- News & Event
N. Chungcheong Prov. to push forward legislation enactment to incentivize foreign investors
The enactment of legislation to incentivize foreign investors who make direct or indirect form of investments into the provincial jurisdiction will be pushed forward. The authorities said on Jan 13 that the local legislative body reviewed the detailed terms of the provincial ordinance which entail subsidy programs given to foreign investors, while shaping institutional frameworks to embrace better investment climate for potential investors and cast a vote to pass the bill on Jan 19.
As part of investment promotion activities, the new mandate stipulates the formation of a biz-support center responsible for attracting FDI and its operational rules, alongside specified provisions to give financial supports to privately-run FDI business.
Once a foreign investor signs a deal to make initial investment in the provincial district, they’re provided with a wide array of incentive benefits ranging from local tax deduction, a land lease, cash grants covering differences between net land value and site value and costs for HR training etc.
After careful deliberation and approval from the provincial council, the newly enacted ordinance and its enforcement regulation starts to come into effect.
jeonch@yna.co.kr
** This article was translated from Korean.
Date
2021.01.22
Views
322
According to Yonhap News,
The enactment of legislation to incentivize foreign investors who make direct or indirect form of investments into the provincial jurisdiction will be pushed forward. The authorities said on Jan 13 that the local legislative body reviewed the detailed terms of the provincial ordinance which entail subsidy programs given to foreign investors, while shaping institutional frameworks to embrace better investment climate for potential investors and cast a vote to pass the bill on Jan 19.
As part of investment promotion activities, the new mandate stipulates the formation of a biz-support center responsible for attracting FDI and its operational rules, alongside specified provisions to give financial supports to privately-run FDI business.
Once a foreign investor signs a deal to make initial investment in the provincial district, they’re provided with a wide array of incentive benefits ranging from local tax deduction, a land lease, cash grants covering differences between net land value and site value and costs for HR training etc.
After careful deliberation and approval from the provincial council, the newly enacted ordinance and its enforcement regulation starts to come into effect.
Copyrights Yonhap News. All Rights Reserved.
Reprint or redistribution without permission is prohibited.
jeonch@yna.co.kr
Source: Yonhap News (Jan 21, 2020)
** This article was translated from Korean.