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Seoul to Provide Employment Subsidies to Foreign-Invested Firms
Date
2013.03.08
Views
1128

According to Newsis,

On March 3, Seoul-si (City) revealed that it will provide employment and training subsidies to foreign-invested companies in Seoul, which created new jobs last year.

These incentives are provided to the city’s foreign investment attraction projects or companies that have contributed to creating good jobs and boosting economy by investing in new growth engine industries.

The applicants are required to have maintained their operations in Seoul for less than five years since their registration as foreign-invested companies (or up to five years from the day they made foreign direct investments). They are also required to have hired more than 10 new employees compared to the previous year and have invested 30 percent or more in the capital stocks.

Besides that, the applicants should fall into one of the eight industrial categories designated as new growth engines, i.e., IT convergence, digital content, green sector, business services, fashion & design, financial area, tourism convention industry, and biomedical field.

Seoul-si (City) will provide foreign-invested companies with subsidies if they have conducted training for the newly-employed at training institutes, such as the Korea Management Association and the Korea Chamber of Commerce & Industry.

Foreign-invested companies, wishing to receive subsidies, have to submit applications directly to the Investment Attraction Division of the Seoul Metropolitan Government or email at sky0greend@seoul.go.kr by April 29.

The subsidies will be provided at the end of May after due deliberation of the Foreign Investment Attraction Committee. More information can be found in the website www.seoul.go.kr or call the Investment Attraction Division at 02-2133-5356.

“Vigorous business activities of the foreign-invested companies have contributed to the city’s economic growth through job creation and sustainable corporate growth. We will do our utmost to boost the image of Seoul as a place to invest and do business,” said Director Kim Jeong-ho of the Investment Attraction Division.

Source Text

Source: Newsis (Mar. 3, 2013)

** This article was translated from the Korean.

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