SEOUL, June 11 (Yonhap) - The Ministry of Commerce, Industry and Energy of South Korea has said this Tuesday that the country is about to increase its overall requirements for granting benefits to companies with foreign investment, however, increase incentives for those who help to create new jobs.
He added that as of Wednesday, only companies that have a 30 percent or greater in the hands of foreign investors have the right to sign private contracts for the rental of land in zones of the country, unlike before, in that any company had a share of more than 10 percent owned by foreigners and 100 million won ($ 88,500) in foreign investment could sign this type of contract to a prime rate.
However, still provide easy and affordable access to free zones to companies that hire more than 300 employees in the manufacturing sector, or 100 workers in the service industry, no matter the size of your foreign investment, as well as to firms with foreign investment of $ 30 million or more in manufacturing or $ 10 million in logistics and those that bring new technologies to the country.
During a working lunch with the Chamber of Commerce of the United States in South Korea, South Korean Minister of Industry, Trade and Energy, Yoon Sang-jick, announced last Monday, a government plan to increase investment support of foreigners in the country.
Under the plan, South Korea reflected by granting benefits to foreign investors, not just the amount of investment but also other elements such as the effect of job creation.
The minister said that foreign companies in the country are attracting considerable attention of his ministry, as they account for 6.2 percent of total employment and 14.1 percent of value added in the Korean economy.
