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Jincheon, Seogwipo Designated as Special Regional Development Zones

(DAEJEON = Newsis) Jincheon of the North Chungcheong Province and Seogwipo of the Jeju Special Self-Governing Province were designated as special economic zone for specialized regional development.

The Small and Medium Business Administration (SMBA, Administrator: Han Jungwha) announced on Sunday that it reviewed and decided seven items on its agenda during its “the 30th specialized regional development commission”, which was held in the Small and Medium Business Corporation (SMBC) last week.

“Special economic zone initiative” designates specific regions as local development zones to support the plan for specialized regional development by the municipal governments.

Jincheon international culture and education special zone and Seogwipo recreation and art special zone were designated as the new special economic zone for specialized regional development. Seosan bio-wellbeing special zone, Changnyeong foreign language education special zone and Namwon Jirisan wellbeing herb special zone had changed its business plans.

Iksan Chinese and western medicine research complex was removed from the development initiative.

A total of KRW 1.6516 trillion will be invested in the new special economic zones. The new zones are expected to generate productions of some KRW 2.7812 trillion once the development project is complete.

Jincheon and Seogwipo’s designation as the special economic zones is expected to generate productions of KRW 1.7098 trillion and 16,750 of employment opportunities. A total of KRW 852 billion will be invested in the two regions.

Changes in business plans of special zones including Seosan are expected to create a synergy effect with the existing businesses. A total of KRW 799.6 billion will be invested and generate productions of KRW 1.714 trillion and 238 employment opportunities.

Source Text

Source: Newsis (Dec. 15, 2013)

** This article was translated from the Korean.