Gyeonggi and Chungcheongnam-do Apply for 'Yellow Sea Economic Free Zone' Designation

Gyeonggi Province and Chungcheongnam-do announced on the 20th that they have jointly applied to the Ministry of Finance and Economy for designation of the 'Yellow Sea Economic Free Zone' spanning 20.61 million pyeong in the Asan Bay region, to develop an economic free zone guaranteeing free investment activities.

The planned Yellow Sea Economic Free Zone comprises 7.93 million pyeong in the Pyeongtaek (Poseung District) and Hwaseong (Hyang-nam District) areas of Gyeonggi Province, and 12.67 million pyeong in the Seosan (Jigok District), Dangjin (Songak and Seokmun Districts), and Asan (Inju District) areas of Chungcheongnam-do. Both provinces plan to invest a total of 5.3437 trillion won over two phases by 2025 to develop advanced industrial production, international logistics, tourism, and research complexes.

Gyeonggi Province plans to develop the Poseung District (6.2 million pyeong) with automotive parts industry, electronic information industry, and R&D; research complexes, and the Hyang-nam District (1.74 million pyeong) with electronic information industry, biotechnology industry, and commercial functions, respectively.

Chungcheongnam-do will develop the Songak and Seokmun Districts (7.66 million pyeong) with automotive parts industry, R&D; research complexes, and education and residential complexes; the Inju District (3.94 million pyeong) with semiconductor and electronic information industry, leisure facilities, and international business functions; and the Jigok District (1.07 million pyeong) with an automotive parts industrial complex.

In addition, to enhance the living convenience of foreign residents, the provinces plan to install advanced housing and rural residential complexes, foreign schools, specialized medical facilities for foreigners, libraries, golf courses, tourism complexes, and social welfare facilities.

Upon receiving economic free zone designation, both provinces will establish implementation plans within 18 months, obtain approval from the Ministry of Finance and Economy, and commence development. Once the project is completed, it is expected to generate an investment effect of 59.77 trillion won and create approximately 321,000 jobs.

Previously, both provinces concluded a mutual development agreement in January of last year to present a new model for national development through cooperative collaboration between the Seoul Capital Area and non-capital regions, and have jointly pursued economic free zone designation.

A Gyeonggi Province official stated, "The Yellow Sea Economic Free Zone is a project being pursued as an advance base for imports and exports in line with the rapid growth of the East Asian economy including China, and for mutual development between the Seoul Capital Area and non-capital regions. If investment proceeds as planned, it will be able to develop into an economic free zone leading the Northeast Asian economic sphere."