Daegu City Selected as 'Excellent Local Government' for Two Consecutive Years in Ministry of Trade, Industry and Energy's Regional Investment Promotion Project

Received an Additional 5% National Subsidy Incentive in 2021... First Time Special and Metropolitan Cities Win for Two Consecutive Years

Daegu Mayor Kwon Young-jin is giving a greeting at the People Power Party and Daegu City Budget Policy Council held at Daegu City Hall on the morning of November 2.
[Photo by Yonhap News]

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongwook Park] In the '2020 Local Investment Promotion Project Metropolitan Local Governments (Special and Metropolitan City Division) Evaluation' hosted by the Ministry of Trade, Industry and Energy, Daegu City was selected as an ‘Excellent’ local government for the second consecutive year.

Since the local investment promotion project was implemented in 2011, Daegu City was the first special/metropolitan city to be selected as an ‘Excellent’ local government last year when metropolitan cities and provinces were evaluated separately. On the 15th, Daegu City announced that it was selected again this year as the only metropolitan city ‘Excellent’ local government for two consecutive years.

The Ministry of Trade, Industry and Energy annually conducts a comprehensive evaluation of local governments nationwide on their efforts to attract investment and post-management, selecting excellent local governments related to the local investment promotion project. This evaluation was conducted by comprehensively assessing investment and support performance, investment and employment fulfillment rates, project implementation post-management, and corporate satisfaction from the first to the fourth quarter of this year. The excellent metropolitan local governments this year include Daegu City, Jeonbuk Province, and Gangwon Province, totaling three.

Despite difficult internal and external environments such as COVID-19 and economic recession, Daegu City achieved investment attraction results with three local new and expanded companies (eligible for subsidy support), an investment amount of 284.4 billion KRW, and employment creation of 626 people.

In addition, Daegu City actively worked on improving investment and employment fulfillment rates and systematic post-management and support for 33 investment fulfillment management companies with 68 business sites (55 domestic, 13 overseas), while also receiving evaluation for various policy efforts such as reorganizing corporate attraction promotion support systems.

When selected as an excellent local government, an incentive of an additional 5% national subsidy rate for local investment promotion subsidies will be provided throughout 2021. Accordingly, the current national subsidy rate will increase from 65% to 70%, which is expected to help Daegu City’s active investment attraction activities and alleviate financial burdens.

Hong Eui-rak, Deputy Mayor for Economic Affairs of Daegu City, said, “Being selected as an excellent local government for two consecutive years shows that Daegu City’s investment support administration and corporate services have already reached and settled at an excellent level as a business-friendly city.” He added, “We will make good use of this incentive to strengthen the discovery and promotional activities of investment companies to recover corporate investment and vitality and bring warmth to the local economy.”

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