Miryang-si, Establishes New Investment Attraction Incentives and Expands Support Scale

Ordinance Amendment on Corporate and Investment Attraction Matters

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] On the 23rd, Miryang City in Gyeongnam announced that it has amended the "Miryang City Ordinance on Enterprises and Investment Attraction," which includes establishing new incentives for corporate investment and expanding the support scale for existing incentive recipients.

The main purpose of this ordinance amendment, focusing on the establishment and expansion of incentives, is to respond to the decline in corporate investment sentiment caused by the novel coronavirus disease (COVID-19) and to successfully lead the sale of the upcoming Nano Convergence National Industrial Complex.

According to this ordinance amendment, the city will support ▲ interest differential compensation for corporate loans up to 3% for five years ▲ support up to 3 billion KRW within 10% of the facility investment amount for new or expanded corporate facilities ▲ support up to 300 million KRW annually for up to 10 years, covering 70% of the rent when leasing industrial complexes or national/public land for business establishment.

Additionally, the support scale has been expanded to allow overlapping with other subsidies for special support incentives for nano enterprises and tourism enterprises, as well as relocation settlement incentives when workers move in, and the scope of support for large-scale investments has also been broadened.

Mayor Park Il-ho said, "Through this ordinance amendment and the expanded investment attraction incentives, we will do our best to achieve significant results in attracting companies, which is the greatest driving force for revitalizing the local economy."

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