Incheon City Holds Working-Level Meeting with Related Agencies to Promote Designation of 'Opportunity Development Zone'... Discussion on Forming Dedicated Team

Incheon City is joining forces with related organizations to promote the designation of a 'Opportunity Development Zone.' On the 26th, the city announced on the 27th that it held a working-level meeting to share the progress of the Opportunity Development Zone project, attended by officials from the Incheon Free Economic Zone Authority and Ganghwa and Ongjin counties.

The meeting was organized to share information on the Opportunity Development Zone system and current status, and to gather opinions from related organizations following the enforcement of the special law on the designation of Opportunity Development Zones, the "Special Act on Local Autonomy Decentralization and Regional Balanced Development," which came into effect on the 10th. The Incheon Institute and Incheon Urban Corporation also participated to support the investigation of the local status.

The Opportunity Development Zone is a place where support from central administrative agencies and local governments is needed to attract large-scale investments from individuals or corporations, and it is designated by the Minister of Trade, Industry and Energy. In the metropolitan area, areas with population decline or border areas under the "Special Act on Support for Border Areas" are designated as Opportunity Development Zones. In Incheon, Ganghwa County and Ongjin County are potential eligible areas.

Incheon City Hall

Once designated as an Opportunity Development Zone, various tax reduction benefits are provided, including acquisition tax, property tax, income tax, corporate tax, and capital gains tax. Additionally, innovative regulatory exemptions such as rapid confirmation of regulatory status for companies, demonstration exceptions, and temporary permits are expected to be applied.

Starting with this working-level meeting, the city plans to prepare for the designation of the Opportunity Development Zone by conducting preliminary planning surveys and forming a dedicated task force (TF) for the designation of the Opportunity Development Zone in Incheon.

An official from Incheon City stated, "Unlike non-metropolitan areas, the metropolitan area has an additional procedure where the 'Local Era Committee (under the President)' determines the region, which puts us at a slight disadvantage," adding, "We will make efforts to designate the zone by conducting appropriate preliminary surveys, exploring target industries for the site, and carefully reviewing the location and current status."

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