ULSAN < invest Korea

According to Yonhap News,

Ulsan Free Economic Authority (UFEA) announced the launch of a network building project on Feb 8, targeting businesses involved in hydrogen products manufacturing and services to form a hydrogen hub within the city communities. The project aims to let businesses learn more on UFEA and to keep up the latest industry trends and workplace grievances, prior to the beginning of the investment promotion activities.

The number of enterprises running hydrogen business in Ulsan city is reported to be roughly 80. Most of them are producing hydrogen power sources, fuel cell batteries, chargers, components or equipment etc. Picking 20 of them in advance, UFEA help these candidates get their voice heard at work and identify needs on-site to better set up a strategic roadmap for investment attraction.

Under such initiatives, foreign invested companies planning to move into UFEA will be entitled to benefit from an incentive package which entails tax reduction such as tariffs, tax on acquisitions or property tax etc. The city authorities will also waive some compliance requirements easing regulations on labor or management issues and even FX trade liberalization for these investors running businesses in Korea.

UFEA set up a goal to attract FDI flows, equivalent in value to USD 200 million and domestic investment reaching KRW 5.3 trillion by the end of 2030.

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Source: Yonhap News (Feb 8, 2021)