(1) Where a local government requests the State to provide funds necessary for the formation of a foreign investment zone prescribed in Article 18, loan for the purchase of land to be leased to any foreign-invested company, etc., reduction or exemption of the rents of land, etc., reduction of lot prices (including such cases where the local government provides the money, where any person prescribed by Presidential Decree leases the land, etc. to any foreign-invested company, etc. with the rents reduced or exempted or sells at a price lower than the land preparation costs, for the portion equivalent to the amount of the rents reduced or exempted as such or to the difference between the land preparation costs and the lot prices), payment of various kinds of subsidies, such as the education and training subsidy, and other foreign investment inducement projects, the State shall provide such funds to the maximum extent possible.
(2) The criteria and procedures for the provision of funds by the State to a local government in accordance with paragraph (1) shall be determined by the Foreign Investment Committee, as prescribed by Presidential Decree. For determining the criteria for the provision of funds in such cases, efforts made by the local government for the inducement of foreign investment and the actual outcomes thereof shall be taken into consideration.
(3) The State shall estimate the amount of funds to be provided in accordance with paragraph (1) each year and include the estimated amount in its budget.
(4) Where necessary for the purpose of promoting the inducement of foreign investment or improving foreign investment environment, a local government may pay a foreign-invested company an employment subsidy, etc. prescribed by Presidential Decree, as prescribed by municipal ordinance.[This Article Wholly Amended on Jan. 30, 2009]