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Investment Support System

We introduce materials which give help to investment related to tourism investment.
Main Investment Support System Investment Support By Project Special Economic Zone for Specialized Regional Development
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Special Economic Zone for Specialized Regional Development

Introduction

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.

Matters Taken into Consideration in Deliberation and Resolution by Special Zone Committee

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.

Investment Incentives

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.

Incentives for Special Economic Zone
Incentives for Special Economic Zone
Incentives Related Laws
Special Cases for General Matters
  • Notwithstanding the relevant Act, special cases for regulation means relaxing regulation on, or devolving authority to regulate in accordance with the characteristics of each region.
  • There are 61 special cases for general matters including ones for the National Land Planning and Utilization Act.
  • Articles 17 to 36 (2) of the Act on Special Regional Development
Special Cases for Land Use
  • If necessary for the specialization project, the relevant specialization project operator shall be deemed obtained the following permission, approval, consent, or license, or completed consultation, etc.
  • There are 53 special cases for land use such as ones for the alteration of specific-use areas, the diversion of farmland, alteration of an agriculture promotion area, etc.
  • Articles 37 to 40 of the Act on Special Regional Development
Special Cases for Empowerment
  • If necessary for tourism promotion or a successful festival, the affairs under the jurisdiction of each Mayor/Governor shall be deemed the affairs under the jurisdiction of the head of the competent local government of each special zone.
  • There are 15 special case for empowerment such as ones for approval or registration of a business plan of sports facilities.
  • Articles 41 to 44 (3) of the Act on Special Regional Development