(Image courtesy of Kobiz Media)
SEJONG, Jan. 23 (Korea Bizwire) — South Korea’s industry ministry said Tuesday it plans to spend 100 billion won (US$74.6 million) this year to support local businesses seeking to bring their production back home from overseas.
The amount marks a 75 percent rise from the 57 billion won allocated in 2023, according to the Ministry of Trade, Industry and Energy.
South Korea also plans to offer discounts on corporate taxes for 10 years, compared with the previous limit of seven years.
For businesses investing in strategic industries, such as semiconductors, displays, batteries and vaccines, South Korea will provide a subsidy of 45 percent for investments made outside the greater Seoul area, up from the previous 21 percent.
Investments made within the greater Seoul area will receive a 26 percent subsidy, it added.
“The returning businesses in the cutting-edge industry play a crucial role in vitalizing the regional economy, including investment and employment, as well as securing export momentum,” Park Duk-ryul, the director-general for cross-border investment policy, said.
(Yonhap)
