Yoon vows to give bold tax, regulatory benefits to firms relocating to regions

DAEJEON, – President Yoon Suk Yeol pledged Thursday to provide bold tax benefits and regulatory favors to companies relocating out of the capital area.

Yoon made the promise during a ceremony marking the inaugural Day of Local Autonomy and Balanced Development, which was established in July after previously being called the Day of Local Autonomy.

“In the event businesses in the capital area relocate to the regions, we will provide bold tax benefits and regulatory favors, giving institutional support to regions to host companies,” he said during the ceremony held at a convention center in Daejeon, 139 kilometers south of Seoul.

“It is important that local regions also look for industries where they have a comparative advantage in consideration of their positions and characteristics, and actively campaign to host such businesses,” he added.

Under the banner of “balanced development,” Yoon has pushed to nurture local economies and improve living conditions in the regions to stem a continuing outflux of people into the capital area.

In his speech, he stressed that education and medical services are the key to attracting businesses to the regions and vowed to devolve authority from the central government to local governments to enable them to lead educational reforms, while quickly establishing a system to provide essential medical services in the regions.

Source: Yonhap News Agency