GWANGJU < invest Korea

(GWANGJU=NEWSIS) Gwangju announced that it implemented measures to expand investment incentives to companies in the automotive sector and companies making massive investment to the city starting from August by revising enforcement rules of the investment promotion ordinance.

With the move, companies executing large-scale investment will receive 10% of their investment as subsidy, substantially up from current 2%.

Conglomerates or companies with big investment will now be offered with interest-free loan for purchase of land as a factory site for three years.

Subsidy doled out to small and medium-sized producers of core automotive components investing in industrial complexes designated by Gwangju will also be raised to 7% from previous 5%.

praxis@newsis.com