East Coast Economic Zone Authority Establishes 'Core and Strategic Enterprise' Bases in Ok-gye and Mangsang Districts 2 and 3

Ok-gye, Advanced Materials Convergence Complex Industrial Zone
Mangsang Districts 2 and 3, International Complex Tourist City

Comprehensive Development Plan for Future Gangwon 2040 [Provided by Gangwon Province]

[Asia Economy Reporter Ra Young-cheol] The East Coast Economic Free Zone Authority under Gangwon Province is initiating the establishment of an investment attraction foundation for the Ok-gye District and Mangsang 2nd and 3rd Districts to attract companies.

According to the Economic Free Zone Authority on the 14th, the Ok-gye District will complete the additional designation of a general industrial complex and changes to the development plan within this year-end, focusing its efforts on attracting investment.

Recently, it passed the preliminary procedures for designation as a general industrial complex, including the Ministry of Land, Infrastructure and Transport’s Industrial Location Adjustment Meeting and review, and is currently preparing for approval from Gangwon Province, the designation authority.

Once the approval for designation as a general industrial complex is completed within the year, additional support such as acquisition tax reductions, rent relief, and lease period extensions for domestic resident companies can be provided.

Furthermore, with changes to the development plan including the addition of targeted industries and adjustments to foreign investment areas, attracting related companies for the creation of a domestic advanced industry materials and components cluster will become much easier.

The Mangsang 2nd and 3rd Districts have been undergoing investment foundation establishment since January last year, when Dongbu Construction Co., Ltd. was designated as the project developer.

The proposed development plan changes, submitted in February, will be finalized through the Ministry of Trade, Industry and Energy’s Economic Free Zone Committee review on the 23rd (expected in August). Following this, the project developer will submit an approval application for the implementation plan by December, and all administrative procedures including consultations with related agencies (disaster, traffic, environment, etc.) will be completed by the first half of next year.

The main content of the proposed development plan changes includes modifications to the land use plan by district and reductions in area (including budget adjustments).

Accordingly, the 2nd District will be developed as an 'Art Museum Complex' with an area of 0.22㎢ and an investment of 71.5 billion KRW (originally 48.8 billion KRW), featuring an underground and aboveground mixed-use art museum, hotel, and condo.

The 3rd District will be developed as a 'Global Resort Complex' with an area of 0.14㎢ (originally 0.29㎢) and an investment of 88 billion KRW (originally 29.7 billion KRW), including an underground and aboveground mixed-use hotel, condo, community center, and shopping mall.

Once the development plan is finalized through consultations with related ministries, the Mangsang 2nd and 3rd Districts will be developed as a hub for four-season international tourism, culture, and leisure industries in the East Sea region, following the approved implementation plan schedule.

Shin Dong-hak, head of the East Coast Economic Free Zone Authority, stated, "With the recent revision of the Economic Free Zone Act, location benefits previously centered on foreign-invested companies have expanded to include domestic companies investing in advanced and core strategic industries, necessitating diversification of investment attraction strategies. We will actively reflect this trend in the East Coast Economic Free Zone and devote all efforts to development and company attraction that can drive regional economic revitalization."

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