Reduced Usage Fees for National and Public Property for Research Institutions Moving into Saemangeum in the Second Half of This Year

Saemangeum Gareok Pier Panorama

[Asia Economy Reporter Moon Jiwon] From the second half of this year, research institutes moving into the Saemangeum project area will also receive benefits such as reductions in usage and lease fees for national and public property.

The Ministry of Land, Infrastructure and Transport announced on the 10th that a partial amendment bill to the Special Act on the Promotion and Support of the Saemangeum Project (hereinafter referred to as the Saemangeum Special Act) containing these details was approved at the National Assembly plenary session the day before.

According to the amended bill, the reduction benefits on usage and lease fees (1% of the value of national and public property), which had previously applied only to companies located in the Saemangeum project area, will be extended to research institutes as well. The specific scope of research institutes will be determined by Presidential Decree.

In addition, to revitalize foreign investment in the Saemangeum area, special immigration control measures have been established, such as simplifying the visa issuance process for foreign workers and extending their stay periods.

The validity period of the regulation allowing the Minister of Environment to purchase land, etc., in designated special management areas to prevent water pollution and eliminate pollution sources in Saemangeum Lake, through consultation with landowners, has been extended by five years until December 31, 2024.

An official from the Ministry of Land, Infrastructure and Transport said, "Through this amendment, we expect to promote the formation of industrial clusters and attract related companies, enabling more efficient promotion of the Saemangeum project," adding, "It is also expected to contribute to improving the water quality of Saemangeum Lake."

The extension of the consultation purchase period for land in areas generating water pollution sources will be implemented immediately, while the expansion of the reduction targets for national and public land lease fees, which requires subordinate law amendments, will be enforced six months after the promulgation.

This content was produced with the assistance of AI translation services.