Formation of Subculture-Centered City Development Fund... 33.3 Billion Won Scale

Tax Reductions on Corporate, Income, and Acquisition Taxes for Investment Culture and Tourism Industry Entities

The Ministry of Culture, Sports and Tourism announced on the 24th that the Michigan Asia Culture Hub City Development Association has been established with a fund of 33.3 billion KRW. This fund aims to create favorable investment conditions for the culture and tourism industries of the Asia Culture Hub City. The Ministry and Gwangju Metropolitan City each contributed 10 billion KRW, while the private sector invested 13.3 billion KRW. The fund is managed by Michigan Venture Capital and has a duration of 8 years. An official explained, "A total of 60% of the fund, amounting to 19.98 billion KRW, will be invested in the cultural industry linked technologies of the Asia Culture Hub City and the development projects in Gwangju Metropolitan City's investment promotion district."

The target beneficiaries are cultural and tourism industry companies located in the Asia Culture Hub City's investment promotion district. Companies investing above a certain threshold will receive tax reductions on corporate, income, acquisition, and property taxes. The conditions are 500 million KRW for the cultural industry and 3 billion KRW for the tourism industry. The official added, "Subsidies for relocation, training, and counseling, as well as rent reductions for national and public property, will also be provided." They further stated, "Next year, we plan to contribute additional funds to the association to encourage active private investment and foster a virtuous cycle ecosystem of convergence and complex contents."

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