Prime Minister Kim: "Special Zone Achieves 900 Billion Investment Attraction... Regulatory Exceptions to be Extended if Necessary"

Prime Minister Kim Boo-kyum speaking while presiding over the 6th Regulatory Free Zone Committee meeting held at the Saemangeum Convention Center in Gunsan, Jeonbuk, on the afternoon of the 1st. (Photo by Yonhap News)

[Sejong=Asia Economy Reporter Moon Chaeseok] On the 1st, Prime Minister Kim Boo-kyum held the 6th Regulatory Free Zone Committee meeting at the Saemangeum Convention Center in Jeollabuk-do and said, "Along with the designation of new zones, the government will also steadily promote the stabilization of the 1st and 2nd phase zones whose demonstrations end this year," adding, "We will intensively organize regulations and extend regulatory exemptions if necessary."

Prime Minister Kim said, "We will support companies related to the zones with a package of investment briefings (IR), technology development, and policy funds to help various attempts and creative ideas produce results."

The first designation of regulatory free zones was implemented in July 2019. According to the Prime Minister's Office, through the 24 zones designated four times so far, there have been achievements including 900 billion KRW in investment, over 220 companies, and the creation of more than 1,800 jobs.

At the meeting, the committee reviewed proposals for the designation of four new zones. The Gangwon-do Precision Medical Industry Zone plans to develop artificial intelligence (AI) solutions using medical data. In Chungcheongbuk-do, green hydrogen will be produced by utilizing methane gas generated from food waste. Chungcheongnam-do will promote a project to convert by-products from oil refineries into construction materials. Gyeongsangbuk-do plans to demonstrate a new logistics system using public parking lots and three-wheeled electric bicycles.

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