Assemblyman Jang Byung-wan: "We Will Promote Designation of Energy Valley Industrial Complex as a Special Zone"

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] On the 12th, Assemblyman Jang Byeong-wan stated, “In Nam-gu Energy Valley Industrial Complex, research institutions such as the Korea Basic Science Institute and the Korea Electric Research Institute, as well as LS Industrial Systems’ completion and move-in have been confirmed,” adding, “All conditions for designation as an R&D special zone, including the clustering of universities, research institutes, and companies conducting national research and development projects, have been met. We will push for the designation of the R&D special zone.”

If Nam-gu Energy Valley Industrial Complex is designated as a research and development special zone, research institutes and companies within the complex will receive comprehensive benefits such as ▲tax reductions ▲financial support ▲administrative assistance.

First, research institutes and companies within the special zone will receive tax reduction benefits. Corporate tax will be reduced by 100% for 3 years and 50% for the following 2 years; property tax will be reduced by 100% for up to 7 years and 50% for the subsequent 3 years; acquisition tax will be exempted.

Additionally, with the designation of the R&D special zone and the implementation of special zone development, development charges, farmland preservation charges, environmental improvement charges, and shared water surface usage fees for participating developers will be reduced.

National and local government funds will support infrastructure within the special zone, including priority support for roads and water supply, subsidies for land purchase costs, and facility construction expenses.

Regarding administrative support for development procedures, the processes for special zone development projects such as permits, notifications, and designations will be simplified, and 29 licensing tasks will be collectively processed. Land expropriation will also be possible through public development.

The usage period for national property will be extended from 5 years to 50 years, and the payment deadline for sales proceeds will be extended from 3 years to 20 years. The usage fee rate for national property will be reduced from 5% to 1%.

Assemblyman Jang Byeong-wan said, “If Nam-gu Energy Valley Industrial Complex is designated as an R&D special zone, the ripple effects will be beyond imagination due to various benefits for world-class research institutions and resident companies,” adding, “It is expected that a large number of quality jobs will be created through the attraction of various companies centered on the Energy Valley Industrial Complex.”

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