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Companies in Ulsan Free Trade Zone to Begin Operation November

Companies in the Ulsan Free Trade Zone of the New General Industrial Complex is expected to begin operation November.

An insider of the Ulsan Free Trade Zone noted that five companies among 20 companies that applied to move in received approvals to begin construction.

The approved companies are three Korean companies, which exports more than 50 percent of their products, and two foreign-invested companies.

The Ulsan Free Trade Zone is operated by the Ministry of Trade, Industry and Energy (MOTIE) to attract foreign investment and foster small- and medium-sized companies.

Ulsan city established the New General Industrial Complex of 2.428 million m2 and the Ulsan Free Trade Zone of 837,000 m2 in Ulju county at the end of last month.

MOTIE invested KRW 266 billion to purchase the site and build plant facilities.

Fabricated metal, electrical and electronic, mechatronics and biotechnology companies will be moving into the Ulsan Free Trade Zone.

Sites in the zone are offered companies at low prices, helping companies to save initial costs to purchase sites.

Tax exemption also expected to aid companies’ financing.

An insider of the free trade zone noted that the zone already has many companies moving in compared to other free trade zones in operation, adding that the zone will create substantial synergy with Ulsan’s industries.


Source Text: Yonhap News (Aug. 4, 2013)

** This article was translated from the Korean.