Two-Year Extension of Geoje City Industrial Crisis Response Special Zone

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] The designation period for the special industrial crisis response zone in Geoje-si, Gyeongnam, has been extended again.

The Ministry of Trade, Industry and Energy announced on the 28th that the designation of special industrial crisis response zones in Geoje-si, as well as Dong-gu in Ulsan, Tongyeong, Goseong, Jinhae-gu in Changwon, and Yeongam, Mokpo, and Haenam in Jeonnam, will be extended for another two years.

In line with the revision of the Enforcement Decree of the Special Act on Balanced National Development in April, which allows designation for up to five years, Geoje-si promptly requested the Ministry of Trade, Industry and Energy and Gyeongnam Province for re-extension of the designation and has been preparing the extension procedures.

Accordingly, the city plans to overcome the shipbuilding industry crisis through government support following the extension until the order volume, which is recovering in the first half of this year, is released to the production sites, and through the ongoing Geoje-type shipbuilding employment retention model project.

Mayor Byeon Gwang-yong said, “We expect that this re-extension of the designation period will be a great help to the local economy, which is experiencing difficulties,” and added, “We will do our best to create synergy effects with the policies currently being promoted.”

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