South Korea is moving to provide incentives to foreign investors who create new jobs here, the government said Thursday.
Under the plan approved at a meeting of the state committee on foreign investment, the government will soon revise its incentive system for foreign investors to provide additional benefits to those creating more jobs, according to the Ministry of Trade, Industry and Energy.
Currently, foreign-invested areas are designated a foreign investment district, which leads to various benefits, such as reduced rent fees when the foreign investment exceeds US$30 million for the manufacturing industry, or $20 million for the tourism industry.
Following the revision of the incentives program, foreign investors with less than the set amount of investments may still have their production facilities declared part of a special foreign investment district if they help create a set number of new jobs, the ministry said in a press release.
"In addition, the government plans to offer different levels of incentives in the form of reduced rental fees on facilities depending on the number of new employees they hire," it said.
More specific details, including the minimum required number of jobs for foreign investors to become eligible for such benefits, will be decided later, the ministry added.
The foreign investment committee has also decided to allow the designation of miniature or small foreign investment zones in less developed areas near the Seoul metropolitan area. (Yonhap News)