Jangheung Bio Food Industrial Complex, "Special Support Zone for SMEs" Extended for 2 Years

Up to 75% Reduction in National and Local Taxes
Preferential Treatment in Limited Competitive and Private Contracts

Jangheung County in Jeonnam Province (Governor Kim Sung) announced on the 25th that the Jangheung Bio Food Industrial Complex has received approval from the Ministry of SMEs and Startups to extend its designation as a "Special Support Zone for SMEs" for another two years.

The Special Support Zone for SMEs is a system that designates industrial complexes and areas densely populated with SMEs facing management crises, in order to support their rapid business normalization. Once designated, these areas receive benefits such as tax reductions and preferential treatment in contracts.

Aerial view of Jangheung Bio Food Industrial Complex. Provided by Jangheung County

The Jangheung Bio Food Industrial Complex was initially designated as a Special Support Zone for SMEs in 2020 and has received support for five years, with the period set to expire on the 26th. The county applied for an extension to the Ministry of SMEs and Startups, and through on-site inspections and a review committee, the designation period has been extended until February 2027.

With this extension, companies located in the complex can continue to receive up to a 75% reduction in national and local taxes. They will also benefit from preferential treatment in contracts, such as limited competitive bidding and private contracts for goods they produce directly. In addition, they will receive various advantages, such as extra points in evaluations for support projects from the Ministry of SMEs and Startups.

The county plans to enhance corporate capabilities and operational rates through customized support, improve worker environments, and promote the activation of the industrial complex through network operations.

Governor Kim Sung stated, "The designation as a Special Support Zone for SMEs will be a great help for the management stability of SMEs in the Jangheung Bio Food Industrial Complex," adding, "With strengthened support for corporate activities, we can also expect good results in attracting investment."

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