Busan City Office announced that it will completely reorganize its investment support system to attract domestic and foreign companies to invest here.
The city has been reorganizing its investment support system since May last year in order to overcome the shrinking investment sentiment due to COVID-19 and to increase new corporate investment.
The ‘Busan City Business and Investment Promotion Ordinances and Enforcement Rules’ were revised by integrating and abolishing the regulations that had been operated as ordinances, enforcement regulations, guidelines, and manuals, and enacted a separate ‘Guidelines for Attracting Enterprises and Investments in Busan’.
Major changes include but not limited to support of up to 30 billion won for construction facilities, up to 5 billion won for facility relocation by domestic companies in foreign countries, up to 4 billion won for land purchase and construction equipment costs for companies relocated in the region for companies investing 200 billion won or more.
For foreigner-invested enterprises, changes include but not limited to 30% of land purchase cost, 50% of building rental cost, employment subsidy, education, and training subsidy of up to 500,000 won per person, and consulting fee of up to 20 million won.