The 30 largest Korean business groups plan to invest a total of 149 trillion won in 2013 and increase employment scale 1.5%, up 7.7% and 1.5% year-on-year, respectively.
The planned investment is designed to focus on facilities having a high economic stimulus effect and R&D to secure long-term growth engines.
While promising to implement their investment and employment plans, the 30 groups recommended that the Ministry of Trade, Industry and Energy (MOTIE) deregulate restrictions on factory locations to resolve related difficulties and expand taxational, financial and manpower support. And the ministry has decided to actively examine the recommendations.
The key recommendations filed by the 30 groups include alleviation of restrictions on locations for expansion of factory and research institute facilities and faster processing of related permits and approvals; tax exemptions for energy-saving facility investment and expansion of tax exemption scope for employment creation-type investment; increase in support for ship financing; easing of restrictions on the acquisition of equity from holding companies; support for securing of manpower by research institutes in local provinces; cultivation of specialized manpower for plants, etc.