DAEJEON < invest Korea

                                                                                                                                                                             

According to Pulse by Maeil Business News Korea,

South Korea is moving with more speed for free economic zone designation of Daejeon and Sejong, located 2-3 hours south of Seoul, which was a key pledge by President-elect Yoon Suk-yeol during his campaign.

While the designation is being reviewed by Yoon’s transition committee, the Ministry of Trade, Industry and Energy responsible for the matter has joined the process for a legal backup. The chances are pretty good for the designation as candidates for the June local government elections are vowing to support it.

If realized, Daejeon and Sejong will be the country’s 10th FEZ eligible for tax and deregulation benefits aimed at improving the business and living environment for foreign-invested firms.

The ministry said on Thursday it has launched a commissioned study in response to the designation, adding it will seek reviewing support options without legal obstacles in the revision of the current law pursuant to FEZ designation.

In September last year, Daejeon and Sejong metropolitan authorities started to develop a plan for the designation, and they plan to apply for designation to the ministry in August at the earliest.

The ministry will also introduce measures to bring more life to the designated free economic zones by shifting to a negative regulation system, leaving minor changes in development projects free from mandatory review authority.

By Baek Sang-kyung and Minu Kim

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (April 8, 2022)