Ulsan Free Economic Zone to Double in Size... Plans for Additional Designation Underway

Announcement of 'Development Plan Amendment' and Public Opinion Hearing

3 Districts 4.86㎢ → 6 Districts 9.61㎢

The Ulsan Free Economic Zone is expected to double in size.

The Ulsan Free Economic Zone Authority announced on the 22nd that it will publicize the "Ulsan Free Economic Zone Development Plan Amendment" in accordance with the Special Act on the Designation and Operation of Free Economic Zones.

The Ulsan Free Economic Zone Authority plans to listen to residents' opinions during the public notice period and apply for designation to the Ministry of Trade, Industry and Energy in July, aiming to secure additional designation within this year.

The "Ulsan Free Economic Zone Development Plan Amendment" reflects three districts (area 4.86㎢): ▲KTX Ulsan Station Complex Specialized District ▲Energy Convergence District ▲Green Energy Port District.

With the additional designation, the Ulsan Free Economic Zone will expand from the existing three districts including the "R&D Business Valley" (area 4.75㎢) to a total of six districts (area 9.61㎢), approximately doubling in size.

Regarding the industries to be attracted in each additionally designated district, △KTX Ulsan Station Complex Specialized District will focus on hydrogen and secondary industry research and development, services, etc., △Energy Convergence District will focus on secondary batteries (battery materials), etc., and △Green Energy Port District will consist of hydrogen industry (production, utilization), gas, hydrogen storage, and logistics industries.

Location Map and Development Plan of the Additional Designation of Ulsan Economic Free Zone.

The amendment must go through procedures including submission of the additional designation application to the Ministry of Trade, Industry and Energy, consultations with related ministries, evaluation of the free economic zone designation, and deliberation and resolution by the Free Economic Zone Committee.

An official from the Ulsan Free Economic Zone Authority said, "Through the additional designation of the free economic zone, we will complement the lacking aspects of the hydrogen industry ecosystem in the Ulsan Free Economic Zone, which was designated according to the global hydrogen economy activation policy, and establish a full-cycle ecosystem foundation for fostering the secondary battery industry as a new growth engine."

This "Development Plan Amendment" was established based on the "Ulsan Free Economic Zone Additional Designation Development Plan Research" commissioned to the Ulsan Development Institute since April 2022.

The Ulsan Free Economic Zone Authority comprehensively reviewed whether four districts?▲KTX Ulsan Station Complex Specialized District ▲Energy Convergence District ▲Green Energy Port District ▲Gangdong Tourism District?conform to the "Basic Plan for Free Economic Zones," corporate occupancy demand, connectivity between districts, and economic feasibility of development.

In the case of the "Gangdong Tourism District," it is known that it was excluded from this additional designation application due to many opinions that it lacks geographical and industrial connectivity with existing districts and has not secured investment demand, and that it is preferable to pursue re-designation when investment demand is secured.

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