'Make Northern Gyeonggi a Special Opportunity Development Zone'... Gyeonggi Province to Launch Service Project in October

Gyeonggi Provincial Government

Gyeonggi Province is promoting a research project to establish a basic plan for the designation of an 'Opportunity Development Zone.'

On the 26th, Gyeonggi Province announced that following the allocation of 200 million won for the research project to establish a basic plan for the Opportunity Development Zone by the Gyeonggi Provincial Council, the full-scale project will commence in October.

The Opportunity Development Zone is a region designated under the current government's major national agenda to attract large-scale investment and population movement through tax reductions and regulatory exemptions. It is designated by the Minister of Trade, Industry and Energy upon the application of city or provincial governors, following deliberation and resolution by the Local Era Committee.

Areas eligible for designation as Opportunity Development Zones within the metropolitan area are population decline areas or border areas. In Gyeonggi Province, eligible areas include Goyang, Paju, Gimpo, Yangju, Pocheon, Dongducheon, Gapyeong, and Yeoncheon.

Once designated as an Opportunity Development Zone, there are tax benefits such as capital gains tax reductions, gift tax reductions for start-up founders, acquisition tax and property tax reductions, income tax reductions, and relaxed requirements for business succession. Additionally, there are regulatory benefits including menu-style regulatory exemptions and allowance of the three regulatory innovation packages, providing a groundbreaking opportunity for regional development.

Accordingly, Gyeonggi Province will conduct a research project targeting Goyang, Paju, Gimpo, Yangju, Pocheon, Dongducheon, Gapyeong, and Yeoncheon, which are eligible for designation as Opportunity Development Zones, to apply for the special zone. The research will cover ▲regional specialized industries ▲site selection and designation area calculation ▲corporate demand surveys and sector-specific support details ▲investigation of regulatory relaxation requests ▲cost and effect analysis of zone designation ▲development and management methods.

Simultaneously with the research project, Gyeonggi Province will also propose to the government and pursue legislative amendments to ensure that the designation and support of Opportunity Development Zones are implemented without discrimination compared to non-metropolitan areas.

Previously, Gyeonggi Province proposed improvements to the restrictions under the 'Special Act on Promotion of Local Investment,' which stipulates support for Opportunity Development Zones, to the National Assembly and government to prevent the northern part of Gyeonggi, which has poorer infrastructure and fiscal independence compared to non-metropolitan areas, from being unfairly disadvantaged.

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