Changwon Special City, Securing Innovation Growth Engine through Investment Attraction in Future New Industries and Core Specialized Industries

Designation of Opportunity Development Zones and Relocation of Public Institutions
Accelerating the Investment Attraction Engine

Changwon Special City in Gyeongnam Province has decided to further strengthen its investment attraction foundation this year to secure the driving force for future innovative growth.

Kim Hyun-soo, Director of the Economic and Employment Bureau, is holding a regular briefing.

To this end, the city has established three strategies: ▲designation of the Changwon-type Opportunity Development Zone ▲securing investment attraction competitiveness through the relocation of research and development-centered public institutions ▲focused attraction of future new industries and core specialized industries.

◆ Full Effort to Designate the Changwon-type Opportunity Development Zone

The city is focusing on designating the Opportunity Development Zone through large-scale investment attraction in specialized industries. The Opportunity Development Zone is a key government strategy to realize the era of decentralization by encouraging companies to relocate to local areas through active tax benefits and regulatory exemptions.

Since the success of designating the Opportunity Development Zone depends on attracting excellent anchor companies, the city will actively promote various benefits of the Opportunity Development Zone and Changwon’s favorable investment environment for business operations, contributing to regional industrial development and focusing all efforts on attracting outstanding companies that create quality jobs.

The city plans to implement differentiated strategic support measures unique to Changwon, such as strengthening support for strategic industry companies located within the zone and expanding incentives to stabilize employment for workers and improve residential conditions, thereby promoting aggressive investment attraction marketing.

◆ Attraction of Research and Development-Centered Public Institutions Relocation

To become a regional hub city leading innovative growth in the southeastern region, Changwon is accelerating efforts to attract the relocation of research and development-centered public institutions linked to its specialized industries.

To this end, the city has secured 12 public land sites owned by the city and 3 leased sites, and plans to continuously discover customized incentives and sites for relocating institutions. Following the announcement of the Ministry of Land, Infrastructure and Transport’s ‘2nd Basic Plan for Public Institution Relocation’ scheduled after the general election, the city will strategically carry out attraction activities.

The city will target institutions that can be linked with Changwon’s core industries such as machinery, railroads, marine, nuclear power, and hydrogen, and that can create synergy effects, aiming to maximize the ripple effect on the regional economy.

◆ Investment Attraction in Future New Industries and Core Specialized Industries

The city will actively pursue large-scale investment attraction in new industries such as eco-friendly energy, future vehicles, and smart logistics, which will be Changwon’s future growth engines, as well as strategic industries like defense and aviation. By industrial complex, the plan focuses on attracting hydrogen companies to the expansion area of Changwon National Industrial Complex, global smart logistics companies to the hinterland of Busanjin-Haeundae New Port, and advanced technology companies in core industries to Changwon National Industrial Complex and Dongjeon-Angol general industrial complexes.

To this end, the city will regularly hold business consultations with related organizations such as the Chamber of Commerce and Industry and the Korea Industrial Complex Corporation to collect target company information, hold investment attraction briefings by industry, and provide customized on-site consulting to actively discover potential investment companies and reinvestment companies.

Additionally, through close cooperation with related organizations such as KOTRA, foreign chambers of commerce in Korea, and the Busanjin-Haeundae Free Economic Zone Authority, the city will also focus on attracting foreign-invested companies and domestic companies returning from overseas expansion.

Kim Hyun-su, Director of the Economic and Job Creation Bureau, said, “Based on excellent residential conditions and business-friendly industrial infrastructure competitiveness, we will do our best to successfully designate the Opportunity Development Zone, attract public institution relocations, and secure large-scale investment in specialized industries to lay the foundation for the re-leap of Changwon’s economy.”

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