Ulsan Free Economic Zone Selects Three 'Core Strategic Industries'... Future Mobility, Future Chemical New Materials, Hydrogen Low-Carbon Energy

Ulsan Free Economic Zone Authority Expands Location Benefits for Investment Companies

Earlier this year, the Ulsan Free Economic Zone Authority held a plaque unveiling ceremony. [Image source=Yonhap News]

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Three core strategic industries that will create an innovative ecosystem in the Ulsan Free Economic Zone have been selected: ‘Future Mobility,’ ‘Future Chemical New Materials,’ and ‘Hydrogen·Low Carbon Energy.’

The Ulsan Free Economic Zone Authority announced on the 9th that the government held the 126th Free Economic Zone Committee meeting on the 5th and selected 54 industry classification codes in three industrial groups?Future Mobility, Future Chemical New Materials, and Hydrogen·Low Carbon Energy?as the ‘core strategic industries’ of the Ulsan Free Economic Zone.

The Future Mobility industry plans to transform into a future industrial hub by promoting eco-friendly and smart technologies linked with existing key industries such as automobiles and shipbuilding, combined with Fourth Industrial Revolution technologies, thereby enhancing the high value-added advanced core technologies of the mobility industry.

The Future Chemical New Materials industry will focus on creating high value-added future growth engines in the chemical materials industry sector by diversifying materials and components and securing core technologies through strengthening the technological development capabilities of small and medium-sized enterprises and mid-sized companies.

The Hydrogen·Low Carbon Energy industry aims to lead carbon neutrality by establishing an eco-friendly energy ecosystem including hydrogen, and to maximize the Korean-style Green New Deal by intensively fostering the ‘four major energy bridge’ industries through research and development (R&D) of hydrogen and other renewable energy industries and promoting localization of materials, parts, and equipment.

The Ulsan city government expects that the innovation ecosystem of the Free Economic Zone will be revitalized as the scope of incentive recipients expands to include foreign-invested companies, domestic returning companies within non-metropolitan Free Economic Zones, companies investing in advanced technologies and products, and companies investing in core strategic industries.

Cho Young-shin, head of the Ulsan Free Economic Zone Authority, said, “We will strengthen the foundation for new industry hubs for innovative growth and establish attraction strategies targeting domestic and international anchor companies centered on core strategic industries, so that the Ulsan Free Economic Zone can leap forward as a Northeast Asia energy hub.”

The Ministry of Trade, Industry and Energy will finalize and announce the selection around the 10th after establishing the ‘Notice on the Selection and Procedures of Core Strategic Industries,’ forming a 15-member evaluation team of regional and industry experts, conducting two rounds of evaluations, collecting opinions from related ministries, and deliberating at the Free Economic Zone Committee.

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