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Positive Support for Luring Firms to Regions

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The government is scheduled to positively support firms to move to regions by offering financial aid to purchase land. IT is to pursue greater deregulation, and legal and institutional reforms aimed at promoting the service and sports industry.

On May 21, the Vice- Economic Prime Minister Lee Hyun-jae, at the economic conference decided on an ‘assistance plan for luring capitals’ firms to regions in which the central government and local governments provided 50% of land-purchasing finance to the firms which will move to the regions. According to this plan, the government plans to pay monthly one million won for employment and technical training, besides the land-purchasing finance, to firms which will employ more than 20 workers. As to the underdeveloped regions, from the viewpoint of the national balanced development, it will also offer maximum 80% of finance which aims to stimulate transferring firms to regions.

In order to assist the sports industry, it plans to establish 25 stadiums which will have 1 billion m2 and in which more than three types of athletics can be played. As a result, it is considering creating a complex leisure space in which shops, health centers, and cinemas will be installed. The government is to offer a ‘sports manager title’ to sports specialists, for which it will revise the current state technology qualification law and its enforcement ordinance.

The source of news : Busanilbo, Saturday May 22, 2004, 10:50