The Ministry of Land, Transport and Maritime Affairs (MLTM) announced revised ordinances concerning development of industrial sites which are to take effect this month after the revision is approved at the cabinet meeting.
The revision is designed to facilitate the development of industrial complexes and support the relocation of the so-called U-turn companies that operate overseas but seek to come back to Korea. The MLTM will give priority to U-turn companies or foreign-invested companies to move to domestic industrial complexes and will also permit private contracts for foreign investors.
In addition, the MLTM will allow the establishment of energy supply facilities, renewable energy generation facilities and education and research facilities in industrial complexes.
Under the existing ordinances, only seven facilities including factories and knowledge-based and cultural facilities were allowed to be built in industrial complexes.
The ministry will offer land at cheaper prices to companies that establish those facilities according to the revision, which is expected to accelerate corporate investment.
Source: Yonhap News (Nov. 13, 2012)