Ulsan Free Economic Zone Authority Establishment 'On Track' ... Official Launch in January Next Year

Ulsan City to Develop CI and Build Website in September
Organization Formation and Office Space Arrangement Starting in October

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Preparations for the establishment of the “Ulsan Free Economic Zone Authority,” an administrative organization dedicated to managing the Ulsan Free Economic Zone, are progressing smoothly.

Ulsan City is promoting the development of an institutional image (CI) that embodies the identity and vision of the “Ulsan Free Economic Zone Authority” to strengthen investment attraction and promotion of the Ulsan Free Economic Zone.

Additionally, on the 25th, the city announced that it will officially launch a project to build a “website” to operate communication channels for providing investment and development information within the Free Economic Zone and resolving corporate difficulties.

Preparations for organizational structuring and securing office space for the launch of the Ulsan Free Economic Zone Authority are also accelerating.

First, the revision process is underway for a total of 13 local ordinances, including the “Ulsan Metropolitan City Administrative Organization Installation Ordinance,” aimed at efficient organization of the Authority, with the goal of submitting and processing them at the October temporary session of the city council.

Temporary office space has been secured in a building near City Hall, with remodeling construction scheduled to begin in October and be completed by December.

Seo Young-jun, head of the Free Economic Zone Promotion Team, said, “We have been working tirelessly in the first half of this year to prepare for the official designation of the Free Economic Zone and the launch of the Authority. During the remaining period of this year, we will organize the Authority for its launch in January next year, establish investment attraction strategies, and aggressively carry out investment attraction activities targeting key companies.”

The “Ulsan Free Economic Zone” (UFEZ), officially designated by the Ministry of Trade, Industry and Energy on June 3, is based on the vision of a “Northeast Asia Energy Hub” and the concept of “developing the largest northern economic energy-centered city in Northeast Asia.”

The zone consists of a total area of 4.70㎢ across three districts: △Hydrogen Industry Hub District (1.29㎢), △Electrogen Auto Valley (0.69㎢), and △Research and Development (R&D) Business Valley (2.72㎢).

The project budget totals 1.1704 trillion KRW to be invested by 2030. As a top-tier economic special zone, it offers various regulatory relaxations, tax and levy reductions for developers and domestic and foreign investors, special provisions for establishing foreign schools and hospitals, and provides the best industrial sites domestically and internationally, thereby enhancing Ulsan’s brand value in the global market and attracting investments from domestic and foreign companies.

The Ulsan Free Economic Zone Authority will provide professional and systematic administrative services to companies located in the Ulsan Free Economic Zone, including consulting to discover promising investment partners, as well as legal, accounting, and tax consultations.

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