Deliberation on Designation of New Special Zones in Four Regions: Gangwon, Chungbuk, Chungnam, and Gyeongbuk

Ministry of SMEs and Startups Holds Deliberation Committee Meeting to Designate Regulatory Sandbox Zones and Stabilize Zones After Demonstration Completion

Kwon Chil-seung, Minister of SMEs and Startups (Chairman of the Regulatory Free Zone Deliberation Committee).
[Photo by Asia Economy DB]

[Asia Economy Reporter Kim Jong-hwa] On the 24th, the Ministry of SMEs and Startups reviewed plans for four special zones: Gangwon Precision Medical Industry, Chungbuk Green Hydrogen Industry, Chungnam Carbon Reduction Construction Materials, and Gyeongbuk Smart Green Logistics, and submitted the results to the Regulatory Free Zone Committee.

On the afternoon of the same day, the Ministry held the 'Regulatory Free Zone Deliberation Committee (Chairman: Minister of SMEs and Startups)' at the Seoul Central Post Office in Jung-gu, Seoul, discussing the designation of four new special zones, measures for the stabilization of the zones, and changes to individual zone operators.

At the deliberation committee, it was resolved to submit the four special zone plans (Gangwon, Chungbuk, Chungnam, Gyeongbuk) for new regulatory free zone designation and the stabilization measures for zones where demonstrations have ended to the Regulatory Free Zone Committee.

Additionally, to sustain the achievements of the zones, the Ministry plans to promote the stabilization of seven zones first designated in July 2019: Gangwon Digital Healthcare, Daegu Smart Wellness, Sejong Autonomous Driving, Chungbuk Smart Safety Control, Busan Blockchain, Gyeongbuk Next-generation Battery Recycling, and Jeonnam e-Mobility.

To continue the success of the zones, based on demonstration results and verification from safety certification agencies, the Ministry will systematically revise regulatory laws in consultation with related ministries. Until the regulatory laws are revised, measures such as converting to temporary permits or extending demonstration exceptions will be pursued to prevent business suspension.

At this deliberation committee, among the 24 projects from the first phase zones, excluding two projects where demonstrations have been completed, five cases of temporary permit conversion and seventeen cases of demonstration exception extension, applied for by local governments in May, were reviewed for 22 demonstration projects.

The special zone plans and stabilization measures reviewed today are scheduled to be finalized and announced at the Regulatory Free Zone Committee meeting chaired by the Prime Minister on the 1st of next month.

Minister Kwon Chil-seung of the Ministry of SMEs and Startups stated, "Regulatory free zones have shown visible results such as creating many jobs in a short period and attracting investments exceeding 900 billion won," adding, "To ensure that the achievements of the zones are not interrupted and bear fruit, it is necessary to promptly revise regulatory laws and alleviate concerns about business suspension through temporary permit conversion and extension of demonstration exceptions."

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