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According to Yonhap News,
(ULSAN=Yonhap News) The establishment service for the development plan for designation of Ulsan Free Economic Zone has started.
The service will be undertaken by Ulsan Development Institute.
According to the city, the Ministry of Trade, Industry and Energy (MOTIE) recently announced the basic plan for the second free economic zone (2018-2027), and has decided to move the weight from existing development and foreign capital attraction to innovative growth of the regional economy.
It also plans to expand investment from Korean and foreign companies and create more jobs as one of the most significant special economic zone.
When Ulsan is designated as a free economic zone, the city expects to have more active investments as it will give incentives such as tax exemption to the promoter of the project and tax support to investors from Korea and abroad.
Ulsan will establish the development plan for the free economic zone until next October.
The basic plan will be followed by consultations among related institutes and feedback and then submitted for the free economic zone application to MOTIE in 2020.
"If Ulsan is designated as a free economic zone in this difficult time of main industries such as automotive and shipbuilding, the city will gain back its reputation of industrial city and recover regional economy through overall development of the industries, including international business, tourism and new industries." said an officer from the city.
Free Economic Zone is to improve the business environment of foreign-invested companies and the living conditions of the foreign people.
It is created as a multi-purpose complex with industrial, commercial, logistic and residential areas.
As of today, seven Free Economic Zones are designated and operated since 2003 starting from Incheon, Busan, Jinhae and Gwangyang Bay Area to Yellow Sea, Daegu-Gyeongbuk, East Coast and Chungbuk.
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** This article was translated from Korean.
Source: Yonhap News (November 20, 2018)