Changwon City Prepares 'Specialized Incentives' to Promote Corporate Investment Attraction

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Choi Hyun-joo] Changwon City, Gyeongnam Province, announced on the 6th that it aims to achieve "20 trillion won in investment attraction in 2020" to secure economic growth engines in preparation for the post-COVID-19 era.

The city plans to enhance investment attractiveness through customized investment incentive support via the "Comprehensive Revision Ordinance and Rules on Changwon City Enterprises and Investment Attraction (Draft)" to effectively promote investment attraction.

In particular, this comprehensive revision was carefully prepared to establish Changwon City-specific investment incentives by analyzing risks based on corporate investment cases and collecting opinions from various sectors. As a result, the ordinance and rules are scheduled to be promulgated and enforced in July.

The main amendments include ▲raising the support limit for relocation of out-of-area companies to within the city from a maximum of 1 billion won to a maximum of 2 billion won ▲supporting interest rate differential compensation of 2% within 30% of the land purchase price ▲differentiated employment subsidies based on the number of regular employees, among others.

Mayor Heo Seong-moo of Changwon said, "An effective measure to quickly recover the local economy frozen by COVID-19 will be the virtuous cycle of the local economy and job creation through corporate investment promotion," adding, "We will do our best to proactively supplement and organize relevant regulations to attract many investment companies to Changwon."

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