Jeonnam Province Accelerates 100 Billion Won Investment Attraction Project

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Jeonnam Province has decided to actively pursue the discovery and attraction of a ‘100 billion won investment attraction project’ by establishing a groundbreaking investment incentive system in line with the industrial trends and government policies changed after ‘COVID-19’.

Jeonnam Province announced on the 23rd that it has taken swift action, including revising the large-scale investment company support system, as the government is promoting support policies for reshoring companies (returning domestic companies from overseas) and advanced industries to secure a stable industrial supply chain due to global value chain departures in the post-COVID era.

To this end, the province revised the ‘Jeollanam-do Large-scale Investment Company Support Guidelines’ to focus on attracting advanced industries such as bio, energy, and secondary batteries, which have high future growth potential and significant forward and backward industrial ripple effects. If a large-scale company invests more than 500 billion won, the province will provide or lease investment sites free of charge in consultation with the relevant city or county.

The subsidy system, which previously supported up to 10 billion won, has been revised to provide up to 100 billion won depending on the investment amount and employment scale. In addition, for companies investing over 100 billion won, support for infrastructure and convenience facilities will be provided, and for the first time nationwide, up to 50% of ship and air freight costs related to the relocation of reshoring companies will be supported.

All such support will ultimately be decided by the Jeonnam Province Investment Attraction Council after consultation with the city or county.

Accordingly, the province plans to accelerate the attraction of large-scale domestic and foreign investments by linking various differentiated support systems such as bio-pharmaceuticals with full-cycle industrial infrastructure, energy new industries centered on innovation cities, island and marine tourism, medium and large drones, PAV (Personal Air Vehicle), e-mobility, regional comparative advantage industrial resources, and regulatory free zones (e-mobility, energy new industries).

In particular, it plans to establish a collaborative system with related organizations, external experts, and cities/counties, and strategically promote customized promotional activities by forming TF teams for target companies.

Furthermore, it will carry out comprehensive investment attraction activities by devising niche strategies to attract overseas reshoring companies as well as domestic secondary battery manufacturers who are postponing investments due to changes in the industrial environment such as the suspension of subsidies in China.

Kim Young-rok, Governor of Jeonnam Province, said, “We have prepared a bold support system for attracting large-scale advanced companies by turning the industrial paradigm shift and economic crisis after the COVID pandemic into an opportunity,” and added, “We will actively promote the revamped investment incentives and devote all our efforts to attracting large-scale investment projects.”

Meanwhile, Jeonnam Province is promoting investment attraction with the goal of attracting 1,000 companies capable of creating good jobs during the 7th local government term, and as of the end of May this year, it has signed investment agreements with 524 companies worth 15.9846 trillion won.

This content was produced with the assistance of AI translation services.