Extension of Special Support for SMEs in 'Mokpo Daeyang Industrial Complex'... Expected to Revitalize Local Economy

Various Benefits Provided to Resident Small and Medium Enterprises Until 2023

[Asia Economy Honam Reporting Headquarters Reporter Jeong Seunghyun] The Daeyang General Industrial Complex located in Mokpo City, Jeollanam-do, has been re-designated as a Special Support Area for Small and Medium Enterprises (SMEs).

According to the city on the 2nd, once designated as a Special Support Area for SMEs, resident SMEs can participate in public bids through restricted competitive bidding and negotiated contracts for goods they directly produce.

Additionally, benefits include a 50% reduction in corporate and income taxes for five years from the initial tax year, eligibility for restricted competitive bidding and local government negotiated contracts, preferential loan support, and guarantee advantages.

Due to the economic downturn caused by COVID-19, Daeyang Industrial Complex faced declining sales and increasing debt among resident companies, as well as low operating rates, making the extension of the Special Support Area designation urgently needed.

Daeyang Industrial Complex has been designated as an Energy Industry Convergence Complex, and projects such as the Fisheries Food Export Complex Development and Export-oriented Gim Strategic Industry Promotion are underway, positioning it as a key hub for renewable energy and fisheries food industries, with a sales rate approaching 100%.

Currently, the sales rate of Daeyang Industrial Complex stands at 95.7%, and the city is promoting investment attraction efforts such as "one department, one company" aiming for complete sales within the year.

Kim Jongsik, Mayor of Mokpo City, stated, "This designation is the result of active cooperation with Jeollanam-do, National Assembly member Kim Won-i, and others, and direct efforts since March," adding, "With stable investment conditions established for Daeyang Industrial Complex, we will continue to gather opinions and develop policies to support resident companies."

Meanwhile, the Special Support Area designation system for SMEs was introduced in 1995 to designate industrial complexes with underdeveloped industrial production and provide special benefits such as tax, funding, and market access support to promote balanced regional development and revitalize the local economy.

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