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S KOREAN GOV'T TO INJECT FUNDS INTO CORPORATE RELOCATION IN 09.
SEOUL, Jan 1 Asia Pulse - The South Korean government said Thursday that it has set aside 87.0 billion won (US$66.4 million) this year to support balanced national growth by helping companies relocate their operations to rural areas.
The amount is double the 43.4 billion won used last year, with more funds to be used to purchase land and hire new workers, the Ministry of Knowledge Economy said.
Relocating companies out of Seoul, Incheon and the surrounding Gyeonggi Province has been an important policy move by recent South Korean administrations. The capital city and the surrounding region accounts for the bulk of the country's economic activities and wealth. This concentration has left provinces relatively underdeveloped and hurt national cohesiveness.
The ministry said it will support 70-80 per cent of land acquisition costs for companies that relocate, up from a maximum of 50 per cent in the past. In addition, the total that can be provided to ...
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Source: HighBeam Research, S KOREAN GOV'T TO INJECT FUNDS INTO CORPORATE RELOCATION IN 09.