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Buk-gu of Ulsan city established a plan to attract KRW 100 bn investment by 2023

Buk-gu, Ulsan city announced that it will attract KRW 100 billion through customized support measures such as provision of KRW 1 billion incentives to companies investing in the region.

Buk-gu is the first in the country to newly establish "Division in charge of attracting investment" at a gu (county)-level, establishing "Basic Plan to attract investment in Buk-gu, Ulsan."

This plan aims to attract 25 companies and KRW 100 billion by 2023.

To this end, Buk-gu will set a legal ground by enacting "Ordinance on stimulating investment in Buk-gu, Ulsan" in the first half of this year.

The ordinance will contain the organization of committee in charge of investment attraction, operation of support group, financial support, and reduction of local tax, among others.

Buk-gu, separately from the government and Ulsan city, plan to receive budget deliberation by the county council every year, to support incentives in the scale of KRW 1 billion, out of the county's budget, to the companies decided to make investment.

Mayor of Buk-gu said, "We will come up with measures to provide customized support to attract investment focused on company's demand, revitalizing the regional economy, and suggesting the picture of sustainable development of Buk-gu."

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Source Text

** This article was translated from Korean.

Source: Yonhap News (April 16, 2019)