Jeonbuk Province Selected as an Excellent Local Government for Regional Investment Promotion Projects

The Nation's Only City Selected for 7 Consecutive Years... Recognized for Promoting Corporate Investment Success

[Jeonju=Asia Economy Honam Reporting Headquarters Reporter Kim Han-ho] Jeonbuk Province announced on the 15th that it was selected as an excellent local government in the Ministry of Trade, Industry and Energy's 2021 Local Investment Promotion Project evaluation.

With this, Jeonbuk Province earned the honor of being the only local government nationwide to be selected as excellent for seven consecutive years (2015?2021).

Jeonbuk Province explained that this achievement was the result of recognition for various investment promotion efforts, including securing the largest amount of local investment promotion subsidies nationwide provided to companies signing investment agreements, timely support of investment subsidies, and actively resolving corporate difficulties.

The Ministry of Trade, Industry and Energy supports local investment promotion subsidies (45% to 80% of national funds) for companies investing in local areas, such as local companies' new expansions, relocation of metropolitan area companies to local areas, and domestic return of overseas expansion companies, according to the 'National Financial Support Regulations for Attracting Local Investment Companies' to promote national balanced development.

Additionally, every year, the ministry evaluates metropolitan local governments based on investment attraction performance, management of supported companies, and satisfaction of beneficiary companies, selecting 'Excellent Local Governments for Local Investment Promotion' (2 metropolitan provinces, 1 metropolitan city).

In this evaluation, Jeonbuk Province was selected as an excellent local government for the 2021 Local Investment Promotion Project along with Chungbuk and Gwangju, and as a result, will receive a 5% increase in the national subsidy rate for 2022.

Jeonju=Honam Reporting Headquarters Reporter Kim Han-ho stonepeak@asiae.co.kr

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