The tax credit scheme, to be introduced from July next year, will have no turnover limit and will offer investors more generous and more predictable incentives for doing R&D in Australia, according to the Australian government.

South Korea is also expanding its incentives to foreign investors. The government will increase the value of cash grants for foreign businesses and temporarily remove the minimum investment requirements; the current regime states only foreign businesses investing more than $10m are qualified to receive government cash grants.

Of the 280 incentive rules, the government will temporarily ease 140 cases to encourage companies to make investments faster.