Ulsan City Applies for Designation of Hyundai Motor Electric Vehicle Ulsan Plant as Advanced Investment Zone
Ministry of Trade, Industry and Energy Plans Designation by Late June
Tax Support and Fee Reduction Benefits Included
Ulsan City is promoting the designation of the Buk-gu Hyundai Motor Electric Vehicle Ulsan Plant as an Advanced Investment Zone.
On April 14, the city conducted a public inspection announcement for the designation of the Buk-gu Hyundai Motor Electric Vehicle Ulsan Plant area as an Advanced Investment Zone, and on May 9, it submitted an application to the Ministry of Trade, Industry and Energy.
The Advanced Investment Zone is an area that swiftly accommodates advanced investments from domestic and foreign companies by providing customized incentives and regulatory exceptions, and it was legislated last year.
The Ministry of Trade, Industry and Energy announced the plan for the first designation of the ‘Advanced Investment Zone’ on April 5 and is accepting applications from local governments nationwide until May 18.
Accordingly, Ulsan City decided to apply for the Buk-gu Hyundai Motor Electric Vehicle Ulsan Plant as an ‘Advanced Investment Zone’ and, after prior consultation with Buk-gu Office in April and hearing opinions from residents and related experts, submitted the application for designation on this day.
The Ministry plans to complete the selection by June through the Advanced Investment Zone Committee, which will comprehensively evaluate the feasibility of advanced investment execution, balanced regional development, efficient land use, employment increase, and regional development effects.
If the Hyundai Motor Electric Vehicle Ulsan Plant is designated as an Advanced Investment Zone, resident companies will receive incentives such as tax support, reduction of charges, and additional subsidies to promote local investment.
Additionally, it will be possible to designate minimum zones for location regulations, grant regulatory exceptions, and prioritize support for national financial projects.
A city official said, “We will actively respond to ensure that the Hyundai Motor Electric Vehicle Ulsan Plant can be designated as an Advanced Investment Zone and will propose to related ministries to expand incentives so that many benefits can be provided to companies upon designation.”
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Ulsan City and Hyundai Motor signed a Memorandum of Understanding for the establishment of a dedicated electric vehicle factory in Ulsan in September last year, agreeing to build the Hyundai Motor electric vehicle plant in Ulsan. Hyundai Motor plans to invest 2 trillion won by 2025 to establish an electric vehicle production system using advanced technology on a site area of 685,800㎡ and produce 200,000 electric vehicles annually.
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