Yeosu City Actively Pursues 'Attracting Public Institutions, etc.' with Bold Support

Passed on the 11th: 'Yeosu City Ordinance on Attraction and Support of Public Institutions'

Exceptional support including free land provision, construction and rental costs, relocation settlement incentives, and scholarships for children

[Yeosu=Asia Economy Honam Reporting Headquarters Reporter Choi Cheol-hoon] Jeollanam-do Yeosu City (Mayor Jeong Gi-myeong) announced on the 16th that it has established an institutional basis for unprecedented incentives to attract public institutions and will begin full-scale attraction activities.

According to the city, the "Ordinance on the Attraction and Support of Public Institutions, etc. in Yeosu City" was finally passed at the 222nd Yeosu City Council extraordinary session on the 11th.

The ordinance stipulates differentiated support measures for public institutions relocating to Yeosu City and their relocating employees compared to other cities and counties.

First, public institutions relocating to Yeosu City will be given incentives such as free land provision, office construction cost support, and rental fee support.

Additionally, relocating employees will receive relocation settlement incentives, scholarships for their children, housing loan interest support, education expenses for children, and sports and cultural activity expenses for spouses.

Yeosu City’s bold proposal reflects its determination to attract public institutions that generate agglomeration and synergy effects, aiming for sustainable growth as a hub city in the southern central region of the South Coast.

It can also be seen as Yeosu City’s prompt response to the government’s second relocation plan for metropolitan public institutions becoming visible and the Ministry of Land, Infrastructure and Transport’s ongoing service for selecting target institutions.

Kim Tae-wan, head of Yeosu City Investment Expo Division, said, “The time from now on is more important. Having established the institutional foundation for attracting public institutions, we will strengthen the role as a hub city of the South Coast by attracting more than 10 public institutions within five years through differentiated incentives such as securing sites.”

Yeosu=Asia Economy Honam Reporting Headquarters Reporter Choi Cheol-hoon hss79@asiae.co.kr

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