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The Ministry of Land, Infrastructure and Transport (MOLIT) designated four industrial complexes, located in Jinan, North Jeolla Province and Okcheon, North Chungcheong Province, as investment promotion districts of new development regions Thursday.
The designation aims to improve investment conditions in relatively underdeveloped cities. Companies that move into the four industrial complexes will be granted exemptions from corporate tax and income tax for three years and acquisition tax and property tax for 15 years.
MOLIT also plans to provide loans for land purchases and exemption from rent for companies that move in. Housing-related priority will be given to employees who work at companies in these districts.
An agricultural industrial complex in Jinan plans to attract ginseng companies, and an arts and tourism complex in the area will target accommodations and leisure facilities.
Medical equipment manufacturing companies plan to move in to a medical equipment complex in Okcheon and the Chungsan general industrial complex will attract companies that produce chemical and electrical materials.
With the designation of new investment promotion districts, MOLIT expects that 28 companies will make an investment of KRW 168.9 billion in the four industrial complexes to create 1,041 new jobs.
Source: Yonhap News (July 25, 2013)
** This article was translated from the Korean.