Prime minister promises extraordinary financial support for companies moving to regional areas

Prime Minister Kim Min-seok promised extraordinary financial support Monday to help facilitate corporate investment in regional areas as part of the government's push to create economic growth engines in non-metropolitan areas for balanced development.

Kim made his remarks during a meeting of the committee formed to promote balanced regional development, saying the government will mobilize all possible means to support corporate investment to create growth engines in eight regions, known as the "five poles and three specials."

The "five poles" refers to the capital area, the southeastern region, North Gyeongsang Province and Daegu, the central region and the southwestern region, while "three specials" means the three special autonomous provinces — the island of Jeju, North Jeolla and Gangwon.

"We will greatly expand support for research and development led by local regions while increasing investment in industrial startups," Kim said. "In order to support this, we're going to enact a special law on mega special regions."

Kim also promised dramatic improvement in education, culture, medical services and other living conditions in provincial areas to help company employees and public agency officials who move outside of the metropolitan area settle more stably in these areas.

Yonhap