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Seoul City plans cash benefits for attracting investment
Nov 15, 2005
The Seoul Metropolitan Government said yesterday it plans to provide monetary awards of up to 100 million won ($96,000) to people contributing to luring new foreign investment to the city.
The city government, which will start the program on Thursday, said its new cash grants will apply to both civilians and public workers.
The size of the cash awards will depend on the value of foreign investment that an individual secures.
For foreign investment of less than $10 million, an individual or group responsible for pulling off the deal will be awarded 0.1 percent of the total amount of the investment by the city.
For investments between $10 to $50 million, the cash awards will be about 0.05 percent of the total, while for investments between $50 to $100 million, the cash grants will be about 0.03 percent of the total. For investments over $100 million, the cash grants will be 0.02 percent of the total, according to the city.
Seoul city said it also plans to increase its financial support for local high-tech companies in fields such as information-technology, nano-technology and bio-technology.