Changwon Special City Expands Incentives to Attract Corporate Investment

Partial Amendment to the "Changwon-si Ordinance and Enforcement Rules on Corporate and Investment Attraction"

On the 28th, Changwon City announced that it has amended the 'Ordinance and Enforcement Rules on Enterprises and Investment Attraction in Changwon City' to expand incentives for investment companies within the jurisdiction of Changwon Special City, Gyeongnam.

Accordingly, the city plans to expand investment attraction incentives to achieve substantial results in companies' investments within the jurisdiction.

Changwon Special City Hall, Gyeongnam.
Photo by Lee Seryeong

The main amendments include ▲raising the interest-free loan support limit for business site land purchase costs from 5 billion KRW to 10 billion KRW ▲increasing special support for large-scale investment companies by up to 20 billion KRW ▲establishing provisions allowing overlapping support of subsidies and loans.

The loan support for business site land purchase costs targets startup companies, companies relocating within the jurisdiction, and companies establishing new business sites within the jurisdiction that invest 5 billion KRW or more and create 20 or more new permanent jobs. Loans of up to 10 billion KRW will be provided under the condition of a 5-year grace period and 3-year equal installment repayment, covering up to 30% of the land purchase cost.

Special support for large-scale investment companies refers to cases where the investment amount is 50 billion KRW or more or where 150 or more new permanent jobs are created. Until now, 10 billion KRW was supported for facility investment for large-scale investment companies, but with the ordinance amendment, up to 10 billion KRW will also be supported for land purchase costs, increasing the maximum support amount significantly to 20 billion KRW.

Previously, subsidies or loans stipulated in the ordinance could not be supported simultaneously, but the provisions have been revised to allow additional loan support for land purchase costs for companies receiving local investment promotion subsidies for new or expanded facilities.

Na Jaeyong, Director of the Economic and Job Creation Bureau, said, “With this ordinance amendment, attracting large-scale investment companies to our city is expected to create employment and revitalize the local economy in various ways.”

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