To attract top-ranking foreign enterprises that will contribute to Korea’s national economy, a Cash Grant system that supports a specific amount of cash among foreign investments. 

At the Cabinet meeting under the supervision of President Moo-hyun Roh on Sept. 2, the government passed an amendment on ‘Foreign Investment Promotion Act’ which will support a specific amount of investments in cash to transfer technology and promote employment. 

According to the amendment, subjects are limited to parts and material specified enterprises with an investment of over $10 million (US) and research centers with over $5 million (US). Cash support will be limited to the purposes determined by the executive order such as building factories and equipment investment. 

Currently, 10~20’of investment made of England, Ireland, Israel and China, are being supported. 

In addition to the amendment, a reward system will also be introduced to reward those for their services in attracting foreign investment by local government heads. 

The Cabinet meeting also decided upon legislations for national persons of merit and the cordial reception to Gwangju democratic persons of merit, to solidify cordial reception and support. 

But by these two additional amendments, meritorious citizens will be able to receive this benefit throughout all stages of employment. 

And to activate employment, recommendation from the Ministry for Patriots and Veterans Affairs can be used for special employment to national organizations and local governments as functional public officials. 

Also at the meeting, an amendment for military service enforcement ordinance has been passed to admit people with religions other than Christianity, Catholic and Buddhism, as religion officers. This amendment also will enable the fair operation of the new system by organizing a related commission. 

Source from Yonhap News Agency by Sept. 9. Reporter Hwa-yeong Kim.