Yeongju Expands Corporate Attraction Incentives Significantly... Leap Forward as a High-Tech Industry Hub

Active Investment Attraction Strategy Established Through Ordinance Revision

Yeongju City (Mayor Park Namseo) is significantly strengthening its corporate attraction incentives to boost the local economy and create jobs, launching an active campaign to attract investment.

To realize the core pledge of the 8th popularly elected administration, "A Vibrant Local Economy," the city plans to completely revise the "Yeongju City Corporate and Investment Attraction Promotion Ordinance" to create a business-friendly environment and transform itself into an industrial hub.

Yeongju City, which owns 12 industrial complexes including the "Yeongju Advanced Bearing National Industrial Complex" scheduled for completion in 2027, is establishing itself as the industrial center of northern Gyeongbuk.

Through this ordinance revision, the city has lowered the barriers to investment and established a more flexible support system. The investment threshold for domestic companies has been reduced from 2 billion KRW to 1 billion KRW, and the new regular employment requirement has been eased from 20 to 10 employees, alleviating the burden on companies. In addition, the eligibility for employment subsidies has been expanded from only domestic workers to all workers, making the support criteria more flexible.

In particular, the special support standard for large-scale investment companies has been greatly relaxed to the lowest level nationwide: investments of 50 billion KRW or more or at least 100 new regular employees, thereby enhancing competitiveness in attracting companies. The city has also established new support measures for attracting logistics companies and expanded support for employees with multiple children from those with three children to those with two or more, significantly improving the investment environment to promote diversification and sustainable growth of the local economy.

For this ordinance revision, Yeongju City conducted a "Yeongju Advanced Bearing National Industrial Complex Corporate Attraction Strategy Establishment" study last year and visited more than 150 companies directly to prepare a revised ordinance reflecting the voices from the industrial field.

In addition, at the Yeongju Advanced Bearing National Industrial Complex project briefing session held at the National Assembly Members' Office Building in August last year, the city continued communication and promotion efforts to attract companies to the national industrial complex, targeting over 400 representatives from bearing and defense industry companies.

Yeongju City is holding a project briefing session for the Yeongju Advanced Bearing National Industrial Complex at the National Assembly Members' Office Building and taking a commemorative photo.

Park Namseo, Mayor of Yeongju City, stated, "With this ordinance revision, we will create a differentiated investment attraction environment compared to other local governments, further revitalizing the local economy," and added, "We will continue to create an environment where companies want to invest, building a vibrant local economy."

This revised ordinance will be enforced immediately upon its promulgation in March, and based on the greatly expanded investment incentives, Yeongju City plans to actively attract companies to ensure the successful sale of the "Yeongju Advanced Bearing National Industrial Complex."

Aerial view of Yeongju Advanced Bearing National Industrial Complex.

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