A special economic zone for specialized regional development (hereinafter referred to as “special economic zone”) is an area demarcated for specialized development of a region under Article 2 of the Act on Special Cases Concerning the Regulation of the Special Economic Zones for Specialized Regional Development (hereinafter referred to as “act on specialized regional development”), that is to help stimulate regional economies by selectively applying special cases for regulations in accordance with the characteristics of each region through the designation and operation of special economic zones for specialized regional development.
Designation of Special Economic Zone
The Special Zone Committee shall take the following matters into consideration in its deliberation and resolution.
The compatibility of a specialization project with the local characteristics and conditions
The connectivity between the special cases for regulations for which any local government applicant applies and a specialization project
Securing financial resources, etc. to support the implementation of a specialization project
The possibility of inviting domestic and foreign investments for a specialization project
Effects on the stimulation of the national and regional economies
The level of compatibility with the master urban/Gun plan under the National Land Planning and Utilization Act
Opinions of local residents and enterprises on a special zone and a specialization project
Other matters prescribed by Presidential Decree and to be considered when designating special zones:
The feasibility of a special zone plan
The redundancy of specialization projects
The prospects of demand at home and overseas for specialization projects
The report on the operational performance of other special economic zones
Effects anticipated in applying the relevant special cases for regulation
A quality control plan suggested by a specialization project operator for products generated through a specialization project
Source : Article 10 of the Act on Specialized Regional Development.
Special Zone for Local Development is largely divided into three categories such as general regulation treatment, land use special treatment and special treatment of taking over authority.
|Special Cases for General Matters||
|Special Cases for Land Use||
|Special Cases for Empowerment||