JEJU-DO < invest Korea

According to Yonhap News,

The "Hawon Techno Campus Zone," which is under development as a base for the Jeju space industry, has been designated as an Opportunity Development Zone (ODZ).

Jeju-do announced that the Hawon Techno Campus Zone was finally selected as ODZ, organized by the Presidential Committee for Decentralization and Balanced Development.

The ODZs are key policy for balanced regional development pursued by the current government, aiming to attract large-scale corporate investment in the provinces through tax advantages, regulatory exemptions, and financial support.

If designated as ODZ, the industrial complex could be established without restrictions on the area limit, set by the guidelines for the development of industrial complex location development.

The area of the Hawon Techno Campus Zone is about 302,901 ㎡, which exceeds ten times of Jeju's average demand area (10,000 ㎡) according to the guidelines for industrial complex location development. However, with the designation of ODZ today, companies could be provided with reductions in income tax, corporate tax, real estate acquisition tax, property tax, development charges, and inheritance tax.

Jeju-do estimates that the investment by Hanwha System and Perigee Aerospace, which will move into the Hawon Techno Campus Zone, will amount to KRW 111.1 billion with hiring 415 employees.

Jeju-do expects that more than 20 companies potentially to move into the Hawon Techno Campus Zone, with nine companies already expressing such intention, when the space industry cluster is established.

koss@yna.co.kr

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Source: Yonhap News (June 20, 2024)