DAEJEON < invest Korea

According to Yonhap News,

Daejeon-si welcomed the designation of its two local industrial complexes as the so-called Opportunity Development Zones (ODZs), organized by the Presidential Committee for Decentralization and Balanced Development.

An official from Daejeon-si said, "the designation is expected to lead to economic development," adding that "we will work towards the creation of ODZs that can lead the transformation of regional economy."

Earlier on that day, the Presidential Committee for Decentralization and Balanced Development deliberated and approved the 1st designation of ODZs, submitted by the Ministry of Trade, Industry and Energy (MOTIE).

As a result, Ansan Advanced National Defense Convergence Zone and Wonchon Advanced Biomedical Innovation Zone were designated as ODZs in Daejeon.

However, the Ansan Advanced Defense Convergence District was approved on the condition of removing the development restricted area.

The ODZs are key policy for balanced regional development pursued by the current government, aiming to attract large-scale corporate investment in the provinces through tax advantages, regulatory exemptions, and financial support.

Ansan Advanced National Defense Convergence Zone is expected to be created as an area specialized in the defense industry in a scale of 1.591 million ㎡ by 2026.

In Wonchon Advanced Biomedical Innovation Zone, a new drug development zone will be established on a 404,000㎡ site.

The city will push for the revision of ordinance on property tax and acquisition tax reduction to support companies in ODZs and plan to form Daejeon Investment Finance to create stable investment environment for companies.

Daejeon-si expects to create 5,000 new jobs by attracting 75 innovative companies in ODZs.

psykims@yna.co.kr

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Source: Yonhap News, (June 20, 2024)