South Korean Authorities Introduce Initiatives to Enhance Corporate Investment Amid Political Crisis
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Seoul, Dec 18 (NationPress) The South Korean authorities on Wednesday introduced a series of initiatives aimed at enhancing corporate investment in critical sectors, in response to worries that recent political upheaval may adversely impact the economy in the long term.
The strategy was revealed during a meeting presided over by Finance Minister Choi Sang-mok, alongside other ministers related to economic affairs, amidst rising alarms following the recent declaration of martial law and the impeachment of President Yoon Suk Yeol, as reported by Yonhap news agency.
"The key to overcoming both internal and external challenges ultimately lies in corporate investment," Choi stated.
As part of the initiative, the government will extend various forms of support and incentives to encourage investment in seven major projects valued at a total of 9.3 trillion won (approximately $6.5 billion).
The projects encompass an artificial intelligence cluster hub located in Gwangju, just outside of Seoul, and the establishment of a state-of-the-art secondary battery facility in Saemangeum, a reclaimed area covering 409 square kilometers in North Jeolla Province.
To expedite advancements, the government plans to accelerate administrative processes by over six months, enabling construction to begin early next year, according to Choi. Additionally, tax incentives will be broadened.
"We will amend regulations and enhance institutional frameworks to foster an investment-friendly landscape, ensuring businesses can carry out their plans seamlessly," Choi mentioned.
The government is also prioritizing the endorsement of a semiconductor cluster in Yongin, located south of Seoul. Initially scheduled for approval in the first half of next year, the endorsement process will now be finalized by the end of this year.
"In light of concerns that the current domestic political climate could undermine corporate investment strategies, we are committed to actively supporting businesses to sustain their momentum," he added.
Since the temporary enforcement of martial law on December 3, Choi, who also serves as deputy prime minister for economic affairs, has been conducting daily discussions with business leaders both domestically and internationally to uphold the country's credibility.
