DAEJEON < invest Korea

According to Newsis,

Daejeon-si and Sejoin-si will go ahead with the designation of Free Economic Zone in earnest.

Daejeon-si and Sejong-si held a session to report the launch of 'Development plan commission service for designation of Daejeon Sejong Free Economic Zone' with the participation of officials from the cities' government offices, researchers from Daejeon Sejong Research Institute and experts.

The two cities plan to establish a policy to foster the high-tech and core strategic industries to respond to the recently revised 'Special Act on designation and operation of Free Economic Zone', while taking into account the strengths of the two cities for industrial and functional connection.

They plan to submbit the application of 'Daejeon Sejong Free Economic Zone designation' by December this year, and push for it to be incorporated into 20 major presidential election tasks.

If Daejeon Sejong Free Economic Zone is designated, it will provide tax reduction for development operators, and incentives such as tax credits and financial support to foreign and domestic investing companies, revitalizing investment attraction.

A city official from Sejong-si said, "If Free Economic Zone is designated focused on the two cities' specialized industries, it will help attracting foreign invested companies, fostering future new industries, and serve as a pillar in establishing mega city in Chungcheong area."

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Source: Newsis (September 16, 2021)