Final Report Meeting Held for Establishing the Basic Plan of Paju Economic Free Zone

Paju City, Gyeonggi Province (Mayor Kim Kyung-il) announced on the 27th that it held the final report meeting for the basic plan study on the establishment of an economic free zone, which is being promoted to leap forward as a ‘1 million self-sufficient city’ through the creation of a global advanced business hub in the northwestern part of Gyeonggi Province on the 26th.

Paju Mayor Kim Kyung-il held the final briefing on the research project to establish the basic plan for the economic free zone, which is being promoted to leap forward as a '1 million self-sufficient city' through the creation of a global advanced business hub in the northwest region of Gyeonggi on the 26th. Photo by Paju City

At the report meeting, attended by Mayor Kim Kyung-il of Paju, the Director of Urban Development, the Chief Secretary for Political Affairs, and the Chief Secretary for Policy, the Industry-Academic Cooperation Foundation of Yonsei University, the executing agency, presented the research results on the basic plan for the Paju Economic Free Zone.

The economic free zone is a special economic zone aimed at actively attracting foreign investment by improving the business environment and residential conditions for foreign-invested companies and domestic returning companies. Through the designation of the economic free zone, Paju City plans to transform its industrial structure from being centered on the root industry to one focused on advanced industries, create a new industrial innovation ecosystem, improve residential conditions for workers, and secure growth engines to advance as a ‘self-sufficient city.’

In October, Paju City held a ‘Citizen Forum’ to officially announce the designation of the economic free zone, building consensus with citizens, businesspeople, and experts. Recently, through the signing of a memorandum of understanding with the three LG companies (LG Display, LG Innotek, LG Uplus), they pledged to establish a mutual cooperation system for the designation of the economic free zone. In December, preparations for the designation of the economic free zone have been progressing smoothly, including the approval of changes (implementation plan authorization) to the Paju Medical Cluster project, a core project within the economic free zone.

Based on the basic plan (draft) established through this study, Paju City plans to respond to the additional designation contest by Gyeonggi Province scheduled for the end of this year. If selected in the additional designation contest, the city plans to begin full-scale development planning from next year.

Mayor Kim Kyung-il of Paju said, “The economic free zone is a core project that must be pursued for Paju City to advance beyond a city of 520,000 to a self-sufficient city of 1 million.” He added, “Based on Paju’s competitiveness and potential, we will create a specialized designation strategy unique to Paju, be selected in the additional designation contest by Gyeonggi Province, and further be designated as an economic free zone to lay the foundation for Paju to leap forward as a global advanced business hub city in the northwestern part of Gyeonggi Province.”

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