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According to Yonhap News,
Ulsan Free Economic Zone Authority (UFEZA) held a briefing session for 'Establishment of development plan for Ulsan Free Economic Zone additional designation' at the conference room on April 28.
The UFEZA plans to build a development plan that meets the requirements for Free Economic Zone designation, centered on new industry/advanced industry/specialized industry that lead innovative growth.
The plan includes a total project cost of KRW 6.663 trillion, a project period of 2022-2033, and a 7.4 square kilometers of construction area.
It has been planned to build a base for carbon-neutrality by additionally expanding a total of 8 zones in the 1st and 2nd phases.
The UFEZA plans to establish the development plan by December this year, and apply for the additional designation to the Ministry of Trade, Industry and Energy in 2023 after going through discussion with related organizations and collection of residents opinions.
canto@yna.co.kr
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Source: Yonhap News (April 28, 2022)
** This article was translated from Korean.