Free economic zone near Ulsan KTX station expands - South Korean report

The free economic zone near Ulsan KTX Station in Ulju County, South Gyeongsang Province, will be significantly expanded.
The Ulsan KTX Station Complex Specialized Area was newly designated as a free economic zone by the Free Economic Zone Committee.
(Photo: Ministry of Trade, Industry and Energy) On the 25th, the Ministry of Trade, Industry and Energy held the 141st Economic Free Zone Committee and decided to designate 1.5 square kilometers of Ulju County as an economic free zone named the Ulsan KTX Station Complex Specialized Zone.
The area was designated as an economic free zone in 2020 and is currently under development and is adjacent to the research and development Business Valley district.
The Korean government and local governments are working to decentralize the functions of the already saturated center of Ulsan and develop it into a new regional hub.
Ulju County, Ulsan Metropolitan Corporation, and Hanwha Solutions plan to complete site development by 2026 at a cost of 1.604 trillion won (US$1.15 billion), and build a carbon fiber road centered on Seo-Ulsan Station.
The plan is to develop the area into a carbon-neutral business hub for new growth industries, with a particular focus on hydrogen and secondary battery-related research and development and the service industry.
The Korean government designates specific areas as free economic zones to promote investment from foreigners and other parties, and provides tax benefits to companies that move in.
The system provides benefits such as deregulation and economic liberalization. Following Incheon's designation as a free economic zone in 2003, nine locations across the country have now been designated as such.
The Free Economic Zones Commission also announced the results of its evaluation of business performance in 2023 for the nine existing free economic zones.
Last year, the Jinhae, Incheon, and Gyeonggi Free Economic Zones in Busan received the highest rating of S for attracting domestic and foreign investment and promoting development projects.
Based on these results, the companies will receive incentives such as investment promotion support projects and ministerial awards. Lee Hyun-jo, head of the Free Economic Zone Planning Team at the Ministry of Trade, Industry and Energy, said, "The Ulsan KTX Complex is steadily developing.
"We will work closely with the Ulsan Free Economic Zone Authority to improve the evaluation of the free economic zone's performance so that it can be operated more effectively," he said.