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home > NEWS&EVENT
2021.01.06
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UFEZA launched its service to foster emerging biz


According to Yonhap News,


In celebration of the inauguration, Ulsan Free Economic Zone Authority (UFEZA), a city affiliate, embarks on its service from Jan 1, 2021. They take the role of administrator in UFEZ, officially authorized in June last year.

The department of policing and administration will be in charge of facilitating an innovation ecosystem and hydro-economy cluster within the zone, fostering civic engagement and governance and PRing. The department of future development will be responsible for administrative authorization, infrastructure and amenity management and fostering emerging industries.

Investment promotion team will set up strategies by industry, run a strategic planning committee, sending delegation to attract investments, startup ombudsman program etc. The ribbon cutting ceremony is set to be held on Jan 14 at the presence of senior level officials and business-political leaders. UFEZA kicks its service into high gear from April this year once they complete the process of strategy planning attract investments home and abroad.

With the aim of being the largest energy hub in North East Asia, the city has established three separate districts-Hydrogen Economy Zone (1.29㎢), Electrogen-Autovalley (0.69㎢), R&D-Biz Valley (2.72㎢) which spreads across 4.70㎢ site within the UFEZ. The cost for the construction projects totals KRW 1.17 trillion till 2030.

The zone is expected to have a profound influence on the economy, bringing production-inducing effects worth KRW 12.4385 trillion and added-value equivalent to KRW 4.936 trillion, adding 76,712 new jobs as of the year 2030.


Source Text


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Reprint or redistribution without permission is prohibited.



canto@yna.co.kr

Source: Yonhap News (Dec 31, 2020)


** This article was translated from Korean.