New Designation of 'Busan Ammonia Eco-Friendly Energy Special Zone'

Status of Designated Regulatory Free Zones. [Graphic by Ministry of SMEs and Startups]

[Asia Economy Reporter Kim Jong-hwa] On the 4th, the government newly designated the 'Busan Ammonia Eco-friendly Energy Special Zone.'

On the same day, the government held the 7th Regulatory Free Zone Committee meeting at the Seoul Government Complex, chaired by Prime Minister Kim Boo-kyum, where it newly designated the Busan Ammonia Eco-friendly Energy Special Zone and also approved measures to stabilize special zone projects whose demonstrations have ended.

The Busan special zone will establish a carbon-neutral new business ecosystem through demonstrations related to the development of eco-friendly ships using ammonia as an eco-friendly energy source, the development of mobile liquefied ammonia standard containers, and ammonia fuel charging for mobile-based ships.

Measures to stabilize the '2nd Regulatory Free Zone' following the completion of demonstration work for 15 projects in 7 special zones designated in the second round in November 2019 were also approved. To prevent disruption of demonstration outcomes, four projects in the 'Jeju Electric Vehicle Charging Service Special Zone' and one project in the 'Jeonbuk Eco-friendly Automobile Special Zone' received temporary permits through special measures such as temporary approval or extension of demonstration exceptions, and ten projects had their demonstration work extended by two years.

Kang Sung-chun, Vice Minister of the Ministry of SMEs and Startups and secretary of the Special Zone Committee, said, "It has been two years since the Regulatory Free Zone was launched amid public interest, and commercialization is progressing with sales generated through temporary permits for special zone projects whose demonstrations have ended." He added, "The government will support the entry of SMEs into new industries through Regulatory Free Zones by reflecting 117.1 billion won in the 2022 government budget for the demonstration and commercialization of special zone projects."

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