BUSAN < invest Korea

(BUSAN=Yonhap News) Busan announced January 26 that it will provide greater incentives this year to attract 30 companies to the city, and thereby create 4,000 new jobs.

First, the city will expand its subsidies to relocating companies from KRW 1 billion to up to KRW 5 billion.

Subsidies for establishing a new factory or expanding an existing one will also be expanded to up to KRW 2 billion.

The city will also transform the Centum 2 District into a future new industry cluster for companies involved in high-added-value advanced industries.

Also, an investment promotion fund worth KRW 180 billion will be used to reinforce customized support for each company.

From 2014 to 2017, Busan succeeded in attracting a total of 358 companies: 138 from the capital area, 144 from South Gyeongsang Province, and 76 from other regions.

Of the 358 companies, 197 were manufacturing firms, 99 knowledge service providers, and 62 specialized in other industries.

By location, 127 companies settled in the Centum Industrial Complex, 56 at the International Industrial Logistics Complex in Gangseo-gu, and 175 in industrial complexes located in the city's southern areas, including those in Mieum and Jisan.

"The city government will actively promote Busan's excellent investment environment, emphasizing how the city's air, sea and railway infrastructure makes it an excellent place to do business in," a city source noted,



joseph@yna.co.kr

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Source: Yonhap News (Jan. 26, 2018)