- Jeju Life
- Industry News
NewGenPharm Inc., a pharmaceutical company, plans to invest KRW 24 billion and hire 31 people in Jeju for their headquarters transfer and the new plant construction. NewGenPharm has been selling and exporting prescription and generic drugs, and investing in R&D for biomedical products for 31 years. The OSULLOC Farm plans to invest KRW 39.6 billion for the plant production for tea products and hire 32 people. OSULLOC Farm is native to Jeju, leading the tea industry for 40 years to promote and popularize the tea culture.
The Jeju Provincial Government is stated to have appropriated KRW 6.5 billion after deliberation by the committee on the local investment promotion subsidization under the Ministry of Trade, Industry, and Energy to support the two companies. The local investment promotion subsidy is a central government initiative to finance a municipality to encourage investment in local areas.
The subsidy, in this case, is expected to help the Jeju local economy recover from the grip of the pandemic and invigorate it by, for example, creating jobs.
The Jeju Provincial Government had a hard time attracting investments due to the geographical disadvantage and lack of incentives. To improve the situation, the government has undertaken a series of feasibility studies on industrial parks to invite new-growth businesses, and revised the Provincial Ordinance for Investment Attraction and Promotion to provide incentives to the Jeju-invested companies and financial support for logistics and staff housing.
The Jeju Provincial Government will expand its business attraction activities by rolling out active IRs from the latter half of 2022, and strengthening post-investment care to help the invested companies settle well in Jeju.