The Ministry of the Interior and Safety announced on the 17th that it has newly designated 57 local corporations this year. Local corporations are businesses operated by at least five local residents to create income and jobs using local resources. There are more than 1,800 across the country.
The government's designation of local corporations is the first time in two years since 2023. Last year, it was said that no new designations were made due to a lack of relevant budget. The Ministry of the Interior and Safety plans to support a total of 2.84 billion won (including 50% local funding) for 135 locations, including the 57 newly designated this year.
The Ministry of the Interior and Safety is also planning to support the exports of local corporations this year. It intends to assist 30 local corporations wishing to export by helping them sell products through Alibaba Group and its affiliates in China.
Deputy Minister Kim Min-jae said, “We will spare no effort in providing multifaceted support to help local corporations leap to a higher level and enhance regional vitality.”