Hwaseong-si Eases Tenant Industry Restrictions for Knowledge Industry Centers Outside Industrial Complexes

OEM manufacturing, construction, smart farms, and legal, accounting, and tax services now allowed
Tenant companies to receive acquisition and property tax reductions... Vacancy rate expected to improve

The types of businesses eligible to move into knowledge industry centers outside industrial complexes in the Hwaseong area of Gyeonggi Province will be greatly expanded.

Hwaseong City announced on the 27th that it has expanded the types of businesses eligible to move into knowledge industry centers outside industrial complexes to revitalize these centers.

Accordingly, in the future, knowledge industry centers in the Hwaseong area will allow not only existing manufacturing, information and communication industries, and knowledge-based industries but also ▲ OEM manufacturing ▲ general and specialized construction ▲ smart farms (vertical farms) ▲ legal, accounting, and tax-related services to move in. Companies moving into knowledge industry centers will also receive tax benefits such as a 35% reduction in acquisition tax and property tax.

The "Act on the Activation of Industrial Clusters and Factory Establishment" permits companies in manufacturing, information and communication industries, and knowledge-based industries to move into knowledge industry centers. For knowledge industry centers outside industrial complexes, businesses recognized by the mayor, county governor, or district office chief are allowed to move in.

The city expects this measure to positively impact not only the reduction of vacancy rates in knowledge industry centers but also the attraction of corporate investment and the establishment of an industrial ecosystem within the region. The city plans to actively encourage the expansion of future new industries such as smart farms to strengthen the competitiveness of the local industry.

Meanwhile, according to the city, there are a total of 52 approved knowledge industry centers in the Hwaseong area. Among them, 49 are knowledge industry centers outside industrial complexes. Of all the knowledge industry centers, 41 have been completed, and the remaining 11 are either planned or under construction.

Lee Sang-gil, Director of Urban Policy at Hwaseong City, said, "We will continue to ease regulations to revitalize knowledge industry centers," adding, "We will create an environment conducive to corporate growth and enhance the city's status."

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