GWANGJU < invest Korea

According to Yonhap News,

(GWANGJU=Yonhap News) Gwangju city is making an all-out efforts for designation of regulation-free zones in future growth engines such as energy industry and AI industry.

According to Gwangju city government on February 19, once "regulation exemption act on local specific development and regulation free districts" goes into effect in April, regulation free zones that allows for proceeding of new industries without constraints will be introduced.

The city recently selected three projects, based on demand survey, energy new industry (High Technology Industrial Complex), eco-friendly vehicles (Jingok Industrial complex), and AI (Cheomdan 3 district). br />
Led by Gwangju Technopark Working Group, the city will set up a plan for special district designation and run Task Force (TF).

It will conduct 2nd survey on companies related with three selected projects by February 20 to solidify its plan.

Based on that plan, the city will undergo feasibility review and preliminary consulting by June, and prior consultation approval application from regional innovation council and MSS and regional opinion gathering in July.

The city aims to the designation of regulation free zone in the second half of this year.

Once designated as a regulation free special district, entrepreneurs can select regulation exemptions, for delay or exemption from 201 laws.

A city official said "the designation can provide a stimulus to revitalize local industries when the base of local economy is challenged due to domestic and international economic downturn," adding that "we will do our best to set Gwangju as a new model for balanced development"

kjsun@yna.co.kr

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Source Text

** This article was translated from Korean.

Source: Yonhap News (February 19, 2019)