ULSAN < invest Korea

According to Yonhap News,

Ulsan Free Economic Zone Authority (UFEZ) will select additional districts as free economic zone.

UFEZ said it posted a 'Revised Plan to Develop UFEZ' on June 22.

The revised plan contains 3 additional districts that include the Specialized Complex near the Ulsan KTX station (1.532 ㎢), the Ulsan Energy Convergence Complex (1.02 ㎢), and the Green Energy Port District (2.311㎢) and the combined area is 4.86 ㎢.

Once the three districts are designated, the total area of UFEZ will double the current size, expanding from 4.75㎢ (3 districts) to 9.61㎢ (6 districts).

A range of sectors, such as R&D on hydrogen energy, hospitality, rechargeable energy, gas, hydrogen storage, and logistics, will be located in the newly added districts.

An official of the UFEZ said, "We expect the additional districts that will be incorporated into the economic free zone will complement the ecosystem of the hydrogen industry. We will also lay the foundation upon which the rechargeable battery industry as the new growth engine will develop."

hkm@yna.co.kr

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Source: Yonhap News (Jun 22, 2023)

*This article was translated from Korean.