Gyeonggi-do Provides Up to 10 Million KRW Support to Overseas Investment Attraction Companies

Gyeonggi Provincial Government Gwanggyo New Office Building

Gyeonggi Province will provide up to 10 million KRW to companies promoting overseas investment attraction.

On the 27th, Gyeonggi Province announced that it will recruit participating companies for the 'Overseas Investment Attraction Activity Support Project' until the 13th of next month.

The province has been conducting this project since 2019 to support overseas investment attraction activities of local companies and strengthen their international competitiveness.

The support items include ▲ intellectual property rights (domestic and international patents, trademarks, designs) application and certification costs ▲ promotion and investment attraction activity expenses ▲ legal fees related to new investments and capital increases ▲ investment attraction consulting fees, etc.

The support targets are small and medium-sized enterprises and foreign-invested companies in the province that are planning or currently conducting overseas investment attraction.

The province gives additional points to companies that have experience in the 'Global Company-Linked Component Localization Support Project,' 'Global Business Company Matching Project,' and 'Gyeonggi Province Domestic Return Company Support Project' conducted over the past three years, as well as to women-owned companies.

This year, the province will select eight outstanding companies for overseas investment attraction. These companies will receive up to 10 million KRW to support their overseas investment attraction activities.

Last year, through this project, the province achieved ▲ 13.9 billion KRW in investment attraction ▲ creation of 10 new jobs ▲ one registration with the U.S. Food and Drug Administration (FDA) ▲ establishment and entry of two overseas corporations.

In particular, among the participating companies, Untbio developed an insulin sample at the Gwanggyo Gyeonggi Bio Center through technology development cooperation with an Indian technology institute, and signed a letter of intent and funding contract worth a total of 100 million USD in the United States.

Lee Min-woo, head of the Investment and Trade Division of the province, said, "Although it is difficult to attract investment due to demand slowdown caused by the global economic downturn, we will take the lead in promoting investment attraction and strengthening technological competitiveness of companies through thorough exploration of domestic and international investment markets and active investment attraction activities."

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