Approval of the Industrial Cluster Act Amendment at the Cabinet Meeting... "Establishing Driving Force for Smart Green Industrial Complex"

Deliberation and Resolution of Revised Bills at the Cabinet Meeting on the 1st

Panorama of Changwon National Industrial Complex. (Photo by Changwon City)

[Asia Economy Reporter Moon Chaeseok] Legal grounds have been established for the creation of Smart Green Industrial Complexes, one of the Korean New Deal policies. The government's plan to establish 15 Smart Green Industrial Complexes nationwide by 2025 is expected to gain momentum.

The Ministry of Trade, Industry and Energy announced that the amendment to the "Act on the Activation of Industrial Complexes and Factory Establishment (Industrial Complex Act)" was reviewed and approved at the Cabinet meeting on the 1st.

An official from the Ministry of Trade, Industry and Energy stated, "The amendment formalizes the concept and project implementation system of Smart Green Industrial Complexes and includes support policies related to the designation of complexes. We expect this to accelerate the promotion of the Korean New Deal."

The amendment includes ▲ the definition of the Smart Green Industrial Complex 'promotion project' ▲ establishment and announcement of development guidelines ▲ procedures for promoting projects and formation of project teams ▲ special provisions for promotion projects (such as expanding the scope of structural advancement projects within complexes from 10% to 30%), among others.

The Ministry said that subordinate legislation, including detailed guidelines for complex operation delegated by the law, will be prepared before the amended law takes effect (within six months).

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