Yoon vows increased support for balanced regional development

SEOUL, Nov. 6 (Yonhap) -- President Yoon Suk Yeol said Wednesday that the government will increase support for local quality of life to help attract more investment and talent for balanced regional development.

Yoon made the remarks during a ceremony commemorating the second Local Autonomy and Balanced Development Day, where companies signed investment agreements totaling 33.8 trillion won (about US$24.5 billion) across six cities and provinces.

During the ceremony, Gwangju, Ulsan, Sejong as well as the provinces of Gangwon, North Chungcheong and South Chungcheong were designated as Opportunity Development Zones, which will be eligible for tax breaks, financial support and regulatory exemptions.

"Once large-scale corporate investments begin, numerous quality jobs will be created in the regions, revitalizing the local economies and providing residents with tangible benefits," Yoon said at the event held in Chuncheon, about 85 kilometers east of Seoul.

To encourage more investment, Yoon promised to establish a virtuous cycle where local talent finds quality jobs within their communities and contributes to regional growth and establish a comprehensive local health care system.

"Quality education and health care are essential to improving residents' quality of life, which in turn would attract more companies and talent to the region," Yoon said.

ejkim@yna.co.kr
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