Where a Mayor/Governor may request the Minister of Trade, Industry and Energy to designate a free economic zone, the Minister of Trade, Industry and Energy shall finalize the development plan for a free economic zone and designate a free economic zone after deliberation and resolution of the Free Economic Zone Committee.
Where the Minister of Trade, Industry and Energy deems it necessary to develop a free economic zone, he/she may devise a development plan for such free economic zone and designate such zone as a free economic zone after obtaining consent from the competent Mayor/Governor and undergoing deliberation and resolution of the Free Economic Zone Committee.
Requirements for Designation of Free Economic Zones
Conformity to the master plan for free economic zones
Feasibility of securing the demand of Korean or foreign enterprises to move in
Feasibility of securing or connecting to an environment for settlement of foreigners
Feasibility of securing sites and infrastructure necessary for the development of a free economic zone, such as Metropolitan transport networks, information and communications networks, water supply, electricity, etc.
Economic feasibility of the development of a free economic zone
Feasibility of a financing plan, such as financial burden borne by a local government, methods of attracting private capital, etc.
Other requirements, such as securing professionals, sustainable development, etc.
To be easy to secure professional human resources required for a plan for attracting industries under Article 6 (1) 9 of the Act, such as infrastructure for transportation and communications, and living conditions, etc.
To ensure sustainable development that does not waste resources including economy, society, environment, etc. for the future generation, or undermine conditions
To be equipped with professional human resources and organizations in charge of developing the relevant free economic zone and attracting foreign investment
Other matters publicly announced by the Minister of Trade, Industry and Energy after undergoing deliberation by the Committee.