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Chungju City Gives KRW 24M Reward for Investment Promotion

On May 2, Chungju City, Chungbuk-do, announced it paid a reward to "citizen A" for outstanding investment promotion.

The city gave A KRW 24 million as a reward.

So far, the city rewarded 3 citizens, including A, a total of KRW 38 million in prize money for investment promotion.

A was recognized for his efforts in attracting Thinkware, a navigation and black-box equipment manufacturer, to the city.

A learned of Thinkware's previous investment information and led the relocation from the previous site himself.

Thinkware signed an investment agreement in July 2016, and invested KRW 56.5 billion to respond to the increasing demand for domestic and foreign black boxes and navigation systems.

The city awarded the beneficiaries within the municipal budget based on the "Chungju Investment Promotion Ordinance" (Article 31). Public officers were given outstanding performance reviews instead.

Reward beneficiaries are determined by the Investment Promotion Committee in consideration of their contribution, performance and payment threshold.

Reward recipients are eligible to receive a maximum of KRW 200 million.

The city greatly lowered the minimum amount of investment for reward-recipient eligibility from KRW 5 billion, in order to encourage more people to participate in the city's investment promotion activities.

Source Text

Source: Newsis (May 02, 2018)

** This article was translated from Korean.