BUSAN < invest Korea

According to Yonhap News,

(BUSAN=Yonhap News) A new ordinance initiated to lay the foundation to support startups, which will lead the fourth industrial revolution, will be enforced..

Busan city announced on April 9 that the new ordinance will be published and enforced as of April 10.

The ordinance contains the scope of technology startups, establishment of comprehensive plans to support technology startups, establishment and operation of the advisory committee on technology startup policy, support program for technology startups, and designation of and support for a startup promotion zone.

It also stipulates the designation of a startup week and issuance of technology startup experience certificates.

For those establishing a business in the startup promotion zone, rental and marketing fees will be supported.

The ordinance also includes an article on preference treatment of young entrepreneurs.

A city official said, "This ordinance will be a basis to stimulate technology startups and develop Busan into an innovative startup city," adding that "we will establish a cooperative relationship with startup-related agencies and effective support system."

pcs@yna.co.kr

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Source Text

** This article was translated from Korean.

Source: Yonhap News (April 9, 2019)