Published : 2013-03-03 20:29
Updated : 2013-03-03 20:29
Seoul City will grant financial aid to foreign investment firms in the “new growth engine” industries that helped to create jobs last year, the city government said Sunday. Foreign firms that established their branches or made investments in Seoul within five years of application and hired more than 10 new employees in 2012 are eligible for the support.
The rate of foreign investment should be at least 30 percent to receive the benefits worth up to 200 million won ($180,000).
Firms that have provided education for employees through the Korea Management Association and the Korea Chamber of Commerce and Industry will also be eligible for the financial support.
The growth-engine sectors whose firms can receive the benefits are: IT; digital content; green business; business service; fashion and design; financial business; tourism and convention; and bio-medical.
From 2005 to 2012, a total of 36 foreign investment firms benefitted from financial aid worth 2.9 billion won ($2.7 million).
Last year, Singaporean software developer Giosis, which newly hired 58 employees compared to 2011, received 200 million won and U.S.-headquartered Stanford Hotel Seoul received 75 million won for hiring 50 new employees.
The application period runs from March 4 to 29.
For more information, visit the city government’s website at www.seoul.go.kr or contact the investment promotion division at (02) 2133-5356.