Regional Special Development Committee Designates Additional Special Zones in Ansan, Seocheon, and Jincheon

Source=Ministry of SMEs and Startups

[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 7th that it held the Regional Specialized Development Zone Committee meeting in writing and approved a total of seven agenda items related to regional specialized development zones.

The agenda items include three new designations, three plan changes, and one cancellation. The three newly designated zones plan to invest approximately 97.7 billion KRW to foster regional specialized resources and apply regulatory exemptions to create income and jobs within the region.

The Ansan Daebudo New and Renewable Energy Industrial Zone in Gyeonggi Province will invest 49.4 billion KRW in new and renewable energy facility construction based on the nation's top power self-sufficiency rate and apply six exemptions, including the Local Finance Act, for rapid fiscal investment. By integrating existing tourism infrastructure with the new and renewable energy industry and branding it as a "New and Renewable Energy Clean Island," the new designation aims to generate 13.1 billion KRW in regional income and create 225 jobs.

Additionally, the Chungnam Seocheon Eco-friendly Seaweed (Gim) Industry Zone will invest 43.5 billion KRW to foster the eco-friendly seaweed industry, a representative specialty of Seocheon County, and apply exemptions such as establishing a local wholesale market to support export infrastructure and domestic demand activation. By building an eco-friendly seaweed production base and improving distribution environments, it plans to create a new food industry within the region, securing 10.1 billion KRW in income and 300 new jobs for local residents.

The Chungbuk Jincheon Charcoal Industry Cluster Zone will invest 4.8 billion KRW in the nation's largest black coal production area (about 78% of national production) and apply eight regulatory exemptions, including farmland conversion permits, to foster the charcoal-related industry and establish a cluster. By specializing the zone as a year-round stay complex with experience and tourism facilities linked to charcoal production, it aims to enhance local production and income, create new employment, and stimulate regional economic vitality and growth.

Besides the new designations, the committee also approved the original proposals for three plan changes involving a total investment of 491.4 billion KRW and the cancellation of one zone (Jeonnam Muan Hwangtorang Onion and Hanwoo Convergence Zone) requested by local governments and residents.

The three zones with plan changes (Jeonnam Wando Seaweed and Abalone Industry Zone, Damyang Humanities Education and Traditional Garden Zone, Chungbuk Jeungpyeong Edufarm Zone) plan to expand private and local government investments to generate 152 billion KRW in regional income and create 4,794 new jobs.

Gwak Jaekyung, head of the Regional Specialized Zone Division at the Ministry of SMEs and Startups, said, "This committee meeting signifies the government’s approval of 47 regulatory exemptions to revitalize regional economies struggling due to COVID-19, with local governments and the private sector pledging investments together." He added, "We will do our best in post-management to ensure that the six newly designated and plan-changed zones applying 47 exemptions and investing a total of 589.1 billion KRW lead to tangible results by increasing regional income and creating over 5,300 jobs."

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