GANGWON-DO < invest Korea

Chuncheon city, Gangwon Province revised an ordinance which provides subsidies to companies in the province when they make investment.

When manufacturing companies with more than 20 full-time employees which has been operating more than three years in the province make a new investment of more than KRW 10 billion in the city and hire 20 or more new workers, they can receive subsidies within five percent of total investment, according to the revised ordinance.

The maximum is total KRW 2 billion.

The city also introduced a new ordinance that provides subsidies within 20 percent of total investment when new Korean and foreign mid- and large-sized companies set up in Chuncheon.

Site subsidies which have been provided between 10 percent and 40 percent of investment are revised to provide subsidies between 15 percent and 40 percent of investment based on the number of full-time employees and investment amount. For small- and medium-sized companies, investment subsidies have been expanded from 15 percent to 30 percent.

In addition, tour industry facilities which invested more than KRW 30 billion and have more than 30 full-time employees can receive subsidies up to 3 percent of total working expenses or KRW 6 billion.

Source: Newsis (July 25, 2013)

** This article was translated from the Korean.