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According to Yonhap News,
(DAEJEON=Yonhap News) Companies relocating to Daejeon will receive support up to KRW 10 billion for land purchase and facility investment.
On August 21, Daejeon Metropolitan City announced that it revised "Ordinance to attract companies and promote investment
in Daejeon" to increase the ceiling for land purchase and facility investment support from KRW 6 billion to KRW 10 billion.
It also allows facility investment subsidy to companies utilizing existing land for investment.
The subsidies for HQ relocation, rent, and employment will remain the same as before.
The city explained that it came with such measures as companies are reluctant to relocating to Daejeon while companies in
Daejeon moved out to other cities and provinces in proximity for high price of industrial sites.
A city official said, "Daejeon is the only city to support up to KRW 10 billion from the local government budget".
Over the past five years, 39 SMEs including Tire Bank, Golfzone, among others, moved out of Daejeon.
soyun@yna.co.kr
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** This article was translated from Korean.
Source: Yonhap News (August 21, 2019)