GANGWON-DO < invest Korea

(SAMCHEOK = Newsis) The city of Samcheok seeks to draw up measures to attract more investments by companies and aims at creating new jobs within the region.

The city made a prior announcement of legislation that aims to lower the standards of special supports for the domestic and international medium and large investment companies.

A manufacturing company with more than 20 regular employees and operated for more than three years will be supported up to KRW 1 billion within the five percent of the total investment if the company make a new investment of more than KRW 10 billion and hire 20 extra employees.

A company with more than KRW 10 billion of investment and more than 50 regular employees will be supported up to KRW 5 billion within 20 to 50 percent of the total investment if the company seeks to relocate, expand or establish new businesses within the region.

A company (with more than KRW 2 billion investment and more than 20 regular employees) that seeks to relocate its business to the business investment promotion special district will be supported with partial subsidy for one of wastewater discharge expense, logistics expense or electric expense for three years.

“The review of the investment ordinance will help the city attract more investments and revitalize the local economy by generating more employment opportunities,” said an official of Samcheok.

kyj0307@newsis.com

Source Text

Source: Newsis (Dec. 23, 2013)

** This article was translated from the Korean.