Invest KOREA

The Ministry of Trade, Industry and Energy (MOTIE) held the first working-level meeting on the regional real economy Wednesday.

The meeting aimed to actualize the Park Geun-hye administration’s regional industry policies and seek regional investment facilitation measures.

Park Jae-gon, a researcher at the Korea Institute for Industrial Economics & Trade, suggested improving the regional incentive system, considering regional conditions to attract investment and providing a one-stop administrative service as short-term initiatives to shift the focus of facility investment from the capital area to regions.

The researcher also noted the need for specialized clusters in regions and site improvements for the mid- and long-term.

Local governments also recommended improving regional investment subsidy programs, expanding support for specialized projects and deregulating limitations on sites.

A MOTIE official noted that the Korean government will develop policies taking into consideration regional perspectives.

The working-level meeting on the regional real economy will serve as a communication channel between central and local governments and will be held in various locations, to give different regions a chance to hold the meeting.


Source Text

Source: Newsis (July 23, 2013)

** This article was translated from the Korean.