According to Yonhap News,
(INCHEON=Yonhap News) Measures are being taken to have the Incheon Western District Industrial Complex area in Gyeongseo-dong, Seo-gu, be designated as a Free Economic Zone (FEZ).
According to the Incheon Free Economic Zone (IFEZ) Authority on January 9, it plans to begin a feasibility study in March into the potential designation of some 1,159,000 square meters of land, including the entire 938,000 square meters of the Western District Industrial Complex site, as an FEZ.
By having the area designated as an FEZ, the IFEZ Authority seeks to facilitate the rearrangement and reorganization of the factories, an thereby create an advanced industry cluster.
The Incheon Western District Industrial Complex was created in 1995 for the purpose of gathering casting and related companies, which had until then been scattered across the capital area, in one location, thereby helping small and medium enterprises in the field grow. Currently, the complex has a total of 298 tenant companies in machinery, equipment, casting, and other sectors.
The complex was initially called the Incheon Casting District Engineering Complex, but received its current name in 1999.
The IFEZ Authority plans to start drafting a development plan for the project next year, and submit an application for the FEZ designation to the Ministry of Trade, Industry and Energy in 2021.
Once designated, the area will benefit from greater flexibility in land supply, and support for investors such as various tax and fee reductions, allowing the development to proceed with greater ease.
Incheon is also planning to have 900 square meters of land along Dongmak Beach on Ganghwa Island designated as an FEZ, and is talking with a U.S. real estate development firm about building a bridge that connects Ganghwa Islands with Yeonjong Island, where Incheon International Ariport is located.
in addition, the city is pushing forward with the cancellation of the FEZ designation of the Yongyu Noeulbit Town development project area, covering 1,051,000 square meters of land across Eulwang-dong, Deokgyo-dong and Nambuk-dong in Jung-gu, as the proect was cancelled after the city failed to find a business partner from the private sector.
The Ministry of Trade, Industry and Energy, which oversees all FEZs in the country, provides incentives for additional FEZ designations if a local government or local FEZ authority voluntarily applies for the cancellation of a previous designation.
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Source: Yonhap News (Jan. 9, 2017)
** This article was translated from the Korean.