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Taean to give KRW 1.5 mn to employee and family members of a relocating company

According to Yonhap News,

(TAEAN=Yonhap News) If a Korean company relocated to Taean, South Chungcheong province, KRW 1.5 million will be provided to the company's employee, and another KRW 1.5 million per member of the employee's family.

On August 8, Taean mayor said in a press briefing that "We will revise "ordinance to promote company's investment" to revitalize regional economy by attracting companies."

The ordinance contains provision of KRW 1.5 million to each employee of a relocating company and KRW 1.5 million for each member of the employee's family. The ceiling for one family is KRW 10 million.

The condition for subsidy provision to relocating companies will be relaxed from "3 years to 1 year or more" in business and "KRW 3 billion to KRW 2 billion investment".

For the companies relocating head offices, subsidy for facility investment will be increased by 10 percent.

The mayor said, "Taean has lots of inexpensive lands and offers great natural environment," adding that "If a company builds a plant or relocate head office to Taean, we will not spare any efforts in providing administrative and financial support."

The county signed MOU on investment with Care Side, specialized in animal medicine and health supplements, and OK Textile, a manufacturer of knitted fabric.

Care Side will invest KRW 50.2 billion to relocate head office and factory on the site of 66,112 sq. meters in Taewan Company City by 2022.

OK Textile plans to invest KRW 11.6 billion to build a plant on the site of 29,584 sq. meters in Pyeongcheon-ri, Taean-eup.

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Source Text

Source: Yonhap News (August 8, 2019)

** This article was translated from Korean.


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