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Korean Government Offers Support Package to Companies Investing in the National Innovation Cluster

According to Yonhap News,

(SEOUL=Yonhap News) The National Innovation Cluster Project (National Innovation Convergence Complex) is well underway as part of the Korean government's policy for balanced national development.

On March 30, the Ministry of Commerce, Industry and Energy launched the "New Industry Promotion Support Team" at the Korea Chamber of Commerce and Industry and announced a five-part support package for companies investing in the National Innovation Cluster Project.

The purpose of the project is to connect and attract enterprises to key growth areas such as innovative cities, industrial complexes, special R&D zones and local universities. The Ministry of Industry is aiming to attract 150 companies to core regions around the country.

As such, the Ministry of Industry will support companies investing in the National Innovation Cluster Project in five ways: financial support, subsidies, taxation, special regulations and innovation-project support.

The Ministry of Industry will offer lower interest rates for facilities and operating funds as well as up to 100% financing through Industrial Bank of Korea's (IBK) upcoming financial products.

Subsidies and tax incentives are also available for up to 24% of facility investments and up to 40% of site purchases.

There are 73 special regulations available for investing companies as part of the support package, including timely permit approvals for buildings, environmental facilities and factories within cluster complexes.

In order to create a space for innovative entrepreneurship and strengthen networks among companies, schools and research institutes, the complexes will have knowledge-based industry clusters.

In a joint agreement for supporting new industries, the Ministry of Industry will work with the Presidential Committee on Balanced National Development, 14 local governments, IBK and related organizations to attract 150 core businesses to the cluster complexes.

Lee Seung-chul, Planning Director of the Presidential Committee on Balanced National Development said, "We plan to focus our resources on the New Industry Promotion Support Team so that the National Innovation Cluster will be nothing short of metropolitan areas in terms of growth and development."

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Reprint or redistribution without permission is prohibited.

Source Text

** This article was translated from Korean.

Source: Yonhap News (Mar. 30, 2018)

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