Jinju City Expands Corporate Investment Support... Up to 7.5 Billion Won for Companies Moving into Aerospace National Industrial Complex

Business and Investment Attraction Ordinance Fully Revised... Up to 1.5 Billion Won for Land Purchases and 6 Billion Won for Facility Investments

Plans to Establish 12 Billion Won Investment Promotion Fund... 10.7 Billion Won in Support Planned for 3 Companies

Push to Accelerate Sales at Aerospace National Industrial Complex... 45 Billion Won Investment Agreements Signed with 2 Companies

Jinju City in South Gyeongsang Province has overhauled its corporate investment support system and moved to expand financial assistance, including by establishing an investment promotion fund, to attract businesses and accelerate sales of sites at its Aerospace National Industrial Complex.

On November 3, the city said it had revised in full the 「Jinju City Ordinance and Enforcement Rules on Businesses and Investment Attraction」 to establish a support system that takes into account each company's investment scale and industry characteristics, and to provide special assistance to companies moving into the Jinju District of the Gyeongnam Aerospace National Industrial Complex.

[Photo provided by Jinju City] An aerial view of the Jinju District of the Gyeongnam Aerospace National Industrial Complex. Jinju City is working to sell lots in the industrial complex early by offering subsidies based on the scale of each company's investment and actively pursuing investment attraction.

The main changes to the ordinance include establishing a special support program for companies moving into the Aerospace National Industrial Complex; easing the criteria for calculating the number of regular employees when applying for subsidies; introducing special provisions for support for future advanced industries and nonprofit corporations; and establishing a basis for promoting investment attraction.

In particular, eligible companies moving into the Jinju District of the Gyeongnam Aerospace National Industrial Complex, which was completed in March this year, may receive up to 1.5 billion won for land purchases and up to 6 billion won for facility investments, for a maximum of 7.5 billion won per company, depending on the scale of their investments.

Whether support is granted and the amount provided will depend on each company's investment scale, applicable support requirements, and review procedures.

Through these changes, the city plans to ease the initial investment burden on companies moving into the industrial complex and encourage companies in the aerospace and advanced industries to locate there.

Jinju City also plans to establish an investment promotion fund of 12 billion won by the end of this year and allocate 10.7 billion won of it to location and facility subsidies for three investing companies.

To this end, the city plans to convene the Investment Attraction Committee on November 4 to review how to manage the fund and whether investment support for each company is appropriate.

The fund's establishment and the provision of subsidies to individual companies will proceed subject to the relevant procedures and review outcomes.

Jinju City has also reorganized its administrative structure related to investment attraction.

On January 1 this year, the city established an Investment Attraction Division comprising four teams: the Investment Policy Team, the Investment Attraction Team, the Industrial Complex Development Team, and the Industrial Complex Support Team.

The Investment Attraction Division is responsible for formulating corporate investment policies, identifying prospective investors, developing industrial complexes, and supporting companies moving into them.

With the sale of sites in the Jinju District of the Gyeongnam Aerospace National Industrial Complex, completed in March, as a key priority, the division is carrying out investment attraction activities targeting companies in the aerospace and advanced industries.

In connection with these efforts, Jinju City signed investment agreements on October 20 at the 2026 Investment Attraction Briefing for the Seoul Metropolitan Area, held at The Westin Josun Seoul, with two companies, Hana Aerodynamics and SI Aviation. The agreements cover a total of 45 billion won in facility investments and the creation of 30 new jobs.

[Photo provided by Jinju City] Jinju Mayor Jo Gyu-il poses for a commemorative photo with officials from Hana Aerodynamics and SI Aviation after signing investment agreements worth a total of 45 billion won at the “2026 Investment Attraction Briefing for the Seoul Metropolitan Area,” held at The Westin Josun Seoul.

The agreements were signed based on the companies' future investment plans. Actual investment spending and job creation will be confirmed as the projects proceed.

Jinju City plans to monitor the companies' fulfillment of their investment commitments and continue providing administrative and financial support to businesses seeking to move into the industrial complex.

A city official said, "We will operate a support system tailored to each company by comprehensively reviewing the site conditions, financial assistance, and administrative procedures needed for corporate investment. We will continue our investment attraction activities to bring relevant companies to local industrial complexes, including the Aerospace National Industrial Complex."

For expanded corporate support to lead to tangible investment results, it will be necessary to monitor subsidy eligibility requirements, the financial burden, the industrial complex's sales rate, the fulfillment of investment agreements, and new job creation.

This content was produced with the assistance of AI translation services.