GWANGJU < invest Korea

(GWANGJU=NEWSIS) Hub City of Asian Culture of the Ministry of Cultures, Sports and Tourism holds idea festival by June 10 to invigorate Investment Promotion Area in the Hub City before the opening of Asian Culture Complex.

Corporations and workers in the culture and tourism industries at the Area can participate in the event. Hub City of Asian Culture will first review all the documents received and have presentation sessions examined by experts. The grand prize and top prizes will be awarded.

The awards ceremony will be held at the National Museum of Korea on June 20. The grand prize winner will get KRW 5 million of prize money and also be awarded a maximum of KRW 45 million for commercialization.

As of now, the Ministry of Cultures, Sports and Tourism run four Investment Promotion Areas near the Hub city and about 90 companies are running their business there.

Corporations that will invest more than KRW 3billion in the Investment Promotion Areas get income and corporate tax cuts (total exemption for three years and 50 percent exemption for the next two years) in accordance with SPECIAL ACT ON THE DEVELOPMENT OF AN ASIAN CULTURAL HUB CITY.

you@newsis.com