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Jincheon gun amended an act on investment promotion to finance local economy

According to Newsis,

A corporate & investment promotion act, amended to further attract large scale corporate investment into the jurisdiction of North Chungcheong Province, comes into effect. Jincheon-gun disclosed a background and main purpose of the amendment on Apr. 3, which sets forth statutory details to promote investment, an essential part of local economy.

Pursuant to the provisions and terms prescribed in the Act, a corporate investors who makes a large scale investment with the value over KRW 300 billion or 500 daily workers, can be given multiple benefits provided by municipal authorities such as favorable conditions for land lease inside local industrial clusters or rent (mere a percent of the entire property registered).

In addition, the local government also covers nearly 40 percent of land purchase costs. Aside from the aforementioned benefits, the province also provides a broad range of cash grants such as subsidies to encourage local employment, site relocation etc.

Jincheon-gun has made a historic achievement in attracting investment valued over KRW 1 trillion for four consecutive years, during which they’ve totaled the investment funds worth KRW 6.5 trillion.

Source Text

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Source: Newsis (Apr. 3 , 2020)

** This article was translated from Korean.