Yuturn Companies Can Immediately Move into Type 1 Port Hinterland Complex

[Sejong=Asia Economy Reporter Kwon Haeyoung] From now on, manufacturing and knowledge service industries returning to Korea after overseas expansion will be able to immediately move into Type 1 port hinterland complexes.

The Ministry of Oceans and Fisheries announced on the 8th that it will implement a revision of the Port Act Enforcement Decree relaxing the entry criteria for Type 1 port hinterland complexes for these companies starting from the 9th.

Manufacturing and knowledge service companies that have returned to Korea after expanding abroad will now be able to move directly into Type 1 port hinterland complexes and operate their businesses. Type 1 port hinterland complexes are adjacent to ports, allowing for relatively significant reductions in transportation and logistics costs, and offer longer-term stays at lower rents compared to private industrial complexes.

Previously, even if companies returned to Korea, immediate entry into port hinterland complexes was not possible due to the requirement that export-import performance using domestic ports must account for at least 20% of total sales. This revision relaxes the entry criteria not only for returning domestic companies but also for manufacturing companies already operating in Korea. When manufacturing companies operating domestically compete for entry into port hinterland complexes, the required 'export ratio of total sales' for priority entry has been lowered from 80% to 50%.

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