KOTRA, 20% Rent Reduction for Foreign Business Startup Support Center Lease

Rent Reduction for IKP Resident Companies for Three Months Starting This Month

Kwon Pyung-oh, President of KOTRA (Photo by KOTRA)

[Asia Economy Reporter Jihee Kim] KOTRA is lowering the rent for foreign-invested companies to help overcome the novel coronavirus infection (COVID-19).

KOTRA announced on the 3rd that it will reduce the rent by 20% for three months starting this month for companies residing in the Foreign Company Startup Support Research Center (IKP). Since its establishment in 2006, IKP has served as a startup support center for about 200 foreign-invested companies. It provides offices during the early stages of corporate establishment and supports one-stop services such as administration and consultation.

Due to the economic difficulties faced by foreign-invested companies amid the COVID-19 crisis, KOTRA is implementing a temporary rent reduction to ease the burden on companies residing in IKP. Among the 29 foreign-invested companies in IKP, 19 companies classified as small business owners and SMEs are expected to particularly benefit from this measure.

Kwon Pyung-oh, President of KOTRA, said, “To overcome COVID-19 early, it is necessary to unite efforts worldwide,” adding, “I hope this measure to share the difficulties of foreign-invested companies will be of real help.”

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