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Jeju to subsidize Manufacturers for Production Equipment

(JEJU = Newsis) Jeju Speical Self-Governing Province announced on February 3 that it will invest a total of KRW 240 million to push ahead a support project for manufacturing companies.

The project provides partial subsidies to the companies for initial expenditure for production equipment that are directly related to the product production.

The province plans to select six companies to provide support of up to KRW 50 million within 60 percent of the actual expenditure.

Small and medium-sized enterprises that have the headquarters in Jeju and seek to purchase or install production facilities solely for product production purposes are eligible to apply for subsidies.

However, following companies are not eligible to submit applications: ▲ non-profit organizations ▲companies with bad credit ▲ defaulted companies and shut-downs ▲ companies that only produce commodities products. The province will accept applications from March 3 to 4.

The province will organize a judging committee to assess various business aspects of the candidates, including productive capacity, production infrastructure, feasibility of the business plan and technology and others.

Online applications can be submitted in the province’s website along with relevant paperwork and applications form.

The province provided support of KRW 260 million to five companies in 2011, KRW 550 million to 13 companies in 2012 and KRW 470 million to 12 companies in 2013.

Source Text

Source: Newsis (Feb. 3, 2014)

** This article was translated from the Korean.