Jeonnam Province Accelerates Investment Activation in Gwangju-Jeonnam Innovation City

Strengthening Support for Investment Attraction and Resident Companies Linked to Previous Public Institutions

[Muan=Asia Economy Honam Reporting Headquarters, Reporter Yoon Jamin] Jeonnam Province has officially launched efforts to revitalize investment in the Gwangju-Jeonnam Joint Innovation City by strengthening financial and administrative support for investment attraction and resident companies.

According to Jeonnam Province on the 2nd, the Jeonnam Innovation City Support Group has formed and started operating an ‘Investment Attraction Task Force (TF)’ consisting of 5 teams and 22 members in collaboration with Naju City, relocated public institutions, Jeonnam Technopark, Jeonnam Bio Industry Research Institute (Food Industry Research Center), and the Green Energy Research Institute.

So far, the Gwangju-Jeonnam Joint Innovation City has achieved investment attraction results mainly focused on energy companies, but diverse investment attraction across various fields was needed for revitalization.

Accordingly, investment attraction activities will be expanded by function of the relocated public institutions in the innovation city to include information and communication companies, agro-food companies, cultural and artistic companies, and others.

In addition, companies and research institutes that move into the innovation city’s industry-academia-research cluster or sign investment agreements with local governments will receive support for rent or financial institution loan interest up to 2 million KRW per month for three years to help successful settlement. The budget for this year’s project is 580 million KRW.

They are also preparing to operate a ‘Rapid Civil Complaint Processing Task Force (TF)’ to resolve inconveniences caused by early start-ups and openings of businesses applying for approval to move into the innovation city’s industry-academia-research cluster.

This year, an apartment-type factory called the ‘Knowledge Industry Center’ will be completed and is currently being sold in the industry-academia-research cluster. Currently, over 750 offices and stores have been sold, and a large number of move-in approvals are expected to be concentrated this month.

The Innovation City Support Group plans to assist with preparing required documents and application forms for the convenience of small and medium-sized enterprises and small business owners moving into the Knowledge Industry Center, and in consultation with Naju City, shorten the qualification verification period to process civil complaints in the shortest possible time.

Detailed information regarding move-in approval can be found on the Gwangju-Jeonnam Joint Innovation City website.

Cho Young-sik, head of the Jeonnam Innovation City Support Group, said, “To revitalize the innovation city, it is necessary to attract companies and research institutes to industrialize production cities. This year, we will focus on achieving results through strategic investment attraction activities with relocated public institutions and creating a business-friendly environment through administrative and financial support for invested companies.”

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