Daejeon-Sejong Jointly Promote Designation as 'Economic Free Zone'
[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City is jointly promoting the designation of an economic free zone with Sejong City.
On the 16th, Daejeon City announced that it held a kickoff meeting for the "Development Plan Service for the Designation of Daejeon-Sejong Economic Free Zone" with Sejong City at Daejeon City Hall.
The meeting proceeded with a kickoff report on the basic concept of the economic free zone and the direction of the development plan by the service provider, followed by an expert discussion on the future direction of the service.
Both cities plan to reflect each city's strengths in this service to connect industrially and functionally, and to discover policies for fostering advanced and core strategic industries that comply with the recently revised "Special Act on the Designation and Operation of Economic Free Zones."
Subsequently, by December this year, they will submit the application for the "Designation of Daejeon-Sejong Economic Free Zone" to the Ministry of Trade, Industry and Energy, incorporate it as a task for the 20th presidential election, and continuously collect government and expert opinions through a supplementation process until July next year.
If designated as an economic free zone, incentives such as tax and charge reductions for development project implementers and tax and financial support for domestic and foreign investment companies will be provided, which the city expects will also activate corporate investment attraction in both cities.
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Ko Hyun-duk, Director of the Job and Economy Bureau of the city, said, "The designation of the economic free zone will contribute to the formation of the Daejeon-Sejong metropolitan economic area and the attraction of development and foreign investment," adding, "The city plans to concentrate administrative power together with Sejong to achieve the designation of the economic free zone."
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