BUSAN < invest Korea

According to Yonhap News,

The Ministry of SMEs and Startups (MSS) announced that the government newly designated Busan Ammonia Eco-friendly Energy Special District on November 4.

The government held the 7th Special Regulation-Free Zone Council meeting at Seoul Government Office, presided over by Prime Minister, and agreed to newly designate the Busan Ammonia Eco-friendly Energy Special District.

The Busan Special District will support the establishment of an ecosystem of carbon-neutral new businesses through demonstration of: the development of eco-friendly ships; development of standard containers for portable liquefied ammonia; and ammonia fuel charging for mobile-based ships by using ammonia, which is an eco-friendly energy.

The area designated as the special district is about 21.76㎢ covering Gangseo-gu, Yeongdo-gu of Busan and the Busan waterfront. 17 companies and organizations including Panasia will be participating in the project.

The project cost will be about KRW 38 billion for two years, starting from next year.

Busan-si expected that the project would lead to development of related industries, generating about KRW 570 billion in sales and 2,600 jobs.

As the demonstration of 15 projects by 7 special districts, according to the 2nd designation in November 2019, will be expiring next month, the government also decided on settlement measures for the 2nd regulation-free special districts.

The measures are intended to prevent achievements of demonstration being interrupted, by granting temporary permission or extending special exemption for demonstration. Temporary permissions were given to 4 projects of 'Jeju EV charging service special district' and 1 project of 'Jeonbuk eco-friendly car special district', while demonstration works of 10 projects have been extended for 2 years.

kaka@yna.co.kr

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Source: Yonhap News (November 4, 2021)