Gyeongbuk Province Promotes Designation of Daegu-Gyeongbuk New Airport Economic Special Zone (Free Trade Area)

Designation of New Airport FTZ ... Establishing a Core Hub for Key Industries

Building FTZ Infrastructure ... Creating a System for Regional Community Innovation Growth

Gyeongbuk Provincial Government Office.

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Gyeongsangbuk-do has determined that the designation of an economic special zone, particularly a Free Trade Zone (FTZ), is necessary for the Daegu-Gyeongbuk New Airport to serve as a new growth hub for the region, and is reviewing the designation of an FTZ around the future new airport.

An FTZ is an area where foreign investment companies and export companies are provided with various benefits to attract foreign investment, promote trade, facilitate international logistics, and stimulate regional development, thereby guaranteeing free manufacturing, logistics, distribution, and trade activities.

Currently, there are 13 FTZs designated and operated in South Korea (7 industrial complex types and 6 port/airport types).

Gyeongsangbuk-do is preparing to develop new towns and industrial/logistics complexes of approximately 1 million pyeong each in the Gunwi and Uiseong areas around the Daegu-Gyeongbuk New Airport in connection with the airport’s construction.

To secure competitiveness for the development projects of new towns and industrial (logistics) complexes, a feasibility study on FTZ designation is being conducted through Andong National University, and on the 18th, a mid-term report meeting related to this project was held to discuss the progress.

At the mid-term report meeting, the feasibility of designating an airport-type FTZ was reviewed through examining designation requirements by type and analyzing cases of domestic and international free trade zones for the Daegu-Gyeongbuk New Airport FTZ designation.

Discussions were also held on establishing a systematic plan for a Gyeongbuk-type free trade zone that secures connectivity between major industries within the free trade zone and the region’s core industries, and strengthens the convergence functions of manufacturing and logistics.

Domestically, the only airport-type free trade zone is designated at Incheon International Airport, and if an airport-type FTZ is designated at the Daegu-Gyeongbuk New Airport and surrounding areas, it will be the second in the country.

Ha Daeseong, Deputy Governor for Economy of Gyeongsangbuk-do, said, “Efforts are needed for the Daegu-Gyeongbuk New Airport to be established as an innovative growth ecosystem for the province, and we will do our best to introduce policies such as the designation of a free trade zone with a mid- to long-term strategy.”

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