To Become an International New Industry Hub City... Ulsan Free Economic Zone Authority Officially Begins Additional Designation of Ulsan Free Economic Zone
[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] The process of additional designation of the Ulsan Free Economic Zone is set to accelerate.
On the 28th at 2 p.m., the Ulsan Free Economic Zone Authority will hold a kickoff briefing session for the ‘Establishment of Additional Designation Development Plan for Ulsan Free Economic Zone’ in the large conference room on the 3rd floor of the Ulsan Free Economic Zone Authority building.
The kickoff briefing will begin with a project initiation report from the executing agency, Ulsan Institute, followed by discussions on the feasibility study for additional designation in line with the basic plan of the Free Economic Zone and the direction for establishing the development plan.
The Ministry of Trade, Industry and Energy plans to actively secure new industry and service districts related to the 4th Industrial Revolution by reviewing additional designations of Free Economic Zones only for city/province applicant areas and company-led areas.
The Ulsan Free Economic Zone Authority plans to establish a development plan that meets the designation requirements of the Free Economic Zone, focusing on new industries, advanced industries, and specialized industries leading innovative growth, to attract foreign investment and companies and leap forward as an international hub city for new industries.
The plan is divided into phases 1 and 2, with a total project cost of 6.6663 trillion KRW, a project period from 2022 to 2033, and a development area of 7.4㎢. A total of eight districts will be additionally expanded to create a carbon-neutral hub.
The Ulsan Free Economic Zone Authority plans to establish the development plan by December this year, and after consultations with related organizations and gathering public opinions, apply to the Ministry of Trade, Industry and Energy for additional designation of the Free Economic Zone in 2023.
Cho Young-shin, head of the Ulsan Free Economic Zone Authority, said, “To simultaneously overcome environmental and resource crises, we will respond to the decarbonization competition and create sustainable growth engines for Ulsan,” adding, “We will develop the Ulsan Free Economic Zone into a carbon-neutral leading special zone centered on eco-friendly energy industries, going beyond the hydrogen industry.”
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The Ulsan Free Economic Zone was designated in June 2020, consisting of three districts?Hydrogen Industry Hub District, Electrogen Auto Valley, and Research & Development (R&D) Business Valley?with a total area of 4.7㎢.
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