1. Reasons for Amendment

The Special Act on the Promotion and Support of the Saemangeum Project was revised to lay foundations for the smooth implementation of the Saemangeum Project, such as designating a Saemangeum Investment Promotion District to attract investment that meets certain requirements in the Saemangeum Project Area so that the Saemangeum Development Corporation can carry out the development of the district, providing tax support to companies moving into the Saemangeum Project Area, and expanding the range of exemption for fees for occupancy or use of public waters.

Accordingly, this amendment defines the target business and investment scale to efficiently operate the investment promotion district system and prescribes conditions and procedures for the designation and cancellation of the investment promotion district.

Also, it prescribes the reduction rate of fees for occupancy or use of public waters for the Saemangeum Project and pilot/R&D projects within the investment promotion district.

2. Major Provisions

A. Prescribe criteria and conditions for designation of the investment promotion district (Article 11-5 newly inserted)

B. Newly insert investment promotion district designation procedures, methods, management, etc. (Articles 11-6 through 11-10 newly inserted)

C. Newly insert details, such as conditions and reasons for canceling the designation of the investment promotion district (Articles 11-11 and 11-12 newly inserted)

D. Define projects subject to reduction and exemption of fees for occupancy or use of public waters and the rate (Article 31-22 newly inserted)