Ministry of Land, Infrastructure and Transport Announces Corporate Innovation Park Pilot Project Contest... Expanding Support Including Regulatory Relaxation

The Ministry of Land, Infrastructure and Transport announced on the 4th that it will open a public contest for the leading project of the Corporate Innovation Park, which establishes regional hubs, starting from the 5th. On the same day, an explanatory meeting for local governments will also be held at the Korea Research Institute for Human Settlements located in Sejong City.

The existing corporate cities were projects introduced in 2004, led by private companies for investment and development to promote balanced regional development. So far, six pilot projects (Chungju, Wonju, Taean, Yeongam-Haenam, Muju, Muan, etc.) have been selected and promoted, but corporate participation has been low due to excessive development regulations such as area standards, lack of special exceptions for urban and architectural regulations, and insufficient support for implementers and tenant companies. Two projects, Muju and Muan, were even deregistered.

Accordingly, the Ministry of Land plans to expand reasonable relaxation of development regulations and multifaceted support so that companies can develop and invest as they wish by actively reflecting the demands of companies and local governments, in addition to the existing benefits of corporate cities, for the establishment of Corporate Innovation Parks.

First, project implementers will be granted land expropriation rights if they own more than 50% of the development area. Additionally, 50% support for the installation cost of the main access road, corporate tax reductions (50% for 3 years, 25% for 2 years), and special exceptions for building coverage ratio and floor area ratio (1.5 times that of the National Land Planning Act) will be provided.

Tenant companies will receive benefits such as corporate tax reductions for newly established and startup companies (100% for 3 years, 50% for 2 years) and a 20% discount on rent for national and public land.

Furthermore, continuous project consulting will be supported through specialized institutions for the leading projects selected through this contest.

Park Jeong-su, Director of the Growth Hub Policy Division at the Ministry of Land, said, “Since the Corporate Innovation Park is a regional hub creation strategy that serves as a cornerstone for balanced development and is promoted as a national agenda, we will spare no support necessary for the leading projects selected in this contest.”

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