Ministry of SMEs and Startups: "3 Years of Regulatory Free Zones... 3,000 Jobs Created and 2.7 Trillion Won Investment Attracted"

Regulatory Free Zone Deliberation Committee Meeting
Performance Analysis and Agenda Discussion
First BI Presentation... "System Advancement"

Regulatory Free Zone Brand Image (BI)

[Asia Economy Reporter Kim Bo-kyung] Over the three years since the designation of Regulatory Free Zones, a total sales of 95.1 billion KRW have been generated across 29 zones nationwide, and nearly 3,000 new jobs have been created.

On the 19th, the Ministry of SMEs and Startups analyzed and announced the achievements over three years since the first Regulatory Free Zone was designated in 2019. As of the end of June this year, related sales of 95.1 billion KRW have been generated in the 29 designated zones, and 2,998 new jobs have been created in the zone areas.

Additionally, investments totaling 2.7227 trillion KRW and the attraction of 239 companies within the zone areas indicate that Regulatory Free Zones are contributing to the revitalization of regional industries. Compared to the end of last year, sales increased by 64.1%, investment attraction by 15.5%, and job creation by 24.5%.

The Ministry of SMEs and Startups, together with Samjong Accounting Corporation, identified the key success factors of outstanding Regulatory Free Zones as △ participation of leading (anchor) companies △ concentration of zone-related facilities △ active support from local governments.

On the same day, the Ministry held the 'Regulatory Free Zone Deliberation Committee' at the Government Seoul Office to discuss agenda items for the final submission to the Regulatory Free Zone Committee.

Regarding the review of new Regulatory Free Zone designations, previously 9 local governments expressed interest in 14 zone projects. After going through rapid regulatory confirmation and subcommittee reviews, three zone plans requiring regulatory exemptions and demonstrating excellent business feasibility, including the Jeonnam modified electric vehicle zone, were submitted as agenda items for deliberation.

The agenda items reviewed that day will be finally decided and announced at the Regulatory Free Zone Committee meeting chaired by the Prime Minister in early next month.

To mark the 3rd anniversary of the launch of Regulatory Free Zones, the Ministry of SMEs and Startups unveiled for the first time a Regulatory Free Zone brand image (BI) created to enhance zone awareness and promote unified publicity.

The brand image symbolizes a 'key' and 'light,' conveying the message that Regulatory Free Zones are the key to unlocking regulations and achieving innovation-driven growth in new industries and regions.

Minister Lee Young, who presided over the meeting, stated, "We will further expand regulatory exemptions and advance the Regulatory Free Zone system centered on demand, while systematically supporting zones with high growth potential for growth and globalization to nurture them into global innovation zones."

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