9 Economic Free Zones Propose Corporate Tax Reductions for Advanced Industry Investments
[Asia Economy Reporter Moon Chaeseok] Nine economic free zones nationwide, including Gwangju and Ulsan, have requested the government to expand incentives such as corporate tax reductions for advanced industry investments.
The Ministry of Trade, Industry and Energy announced on the 26th that it held the "6th Economic Free Zone Innovation Promotion Council" with seven economic free zone authorities nationwide and the newly designated Gwangju and Ulsan.
The seven free zone authorities along with Gwangju and Ulsan cities requested corporate tax reductions and budget support for advanced technologies, products, and key attraction industries within the economic free zones.
They also urged institutional improvements to revitalize domestic and foreign investment, such as allowing domestic return companies within reserved land for foreign-invested companies.
Through this, they agreed on the need to actively respond to changes in the investment environment due to the reorganization of the Global Value Chain (GVC) and to foster the economic free zones as advanced industry forward bases.
The Ministry of Trade, Industry and Energy plans to prepare and announce an innovation strategy for the economic free zones in the second half of the year, including strengthening incentives for domestic and foreign companies.
At the meeting, each economic free zone authority discussed strategies for promoting innovative growth projects.
Incheon plans to focus on bio and healthcare, Busan-Jinhae on complex logistics and advanced manufacturing, and the Gwangyang Bay area on establishing a secondary battery materials business cluster.
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Hwanghae will develop the electric vehicle industry, Daegu-Gyeongbuk will focus on ICT convergence and robotics, Chungbuk on bio, health, and aviation industries, Gwangju on AI-based convergence new industries, and Ulsan on hydrogen industry ecosystem infrastructure, respectively.
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