As part of efforts to boost domestic demand and foster next-generation growth engines, the South Korean government announced its second batch of regulation-free zones on Tuesday.
Our Kim Mok-yeon tells us where they are and what they'll be exempted from.
The South Korean government has designated seven regulation-free zones to allow the testing of new technologies and to nurture new region-specific industries.
The committee for designating regulation-free zones, led by Prime Minister Lee Nak-yon, announced at the Sejong Government Complex on Tuesday that 7 areas have been exempted from a total of 26 regulations.
The special zones include Gwangju , which will be free from regulations on Unmanned Low-Speed Special Vehicles, Jeollanam-do for new energy projects, Ulsan for green hydrogen mobility, Gyeongsangnam-do for unmanned vessels, Jeollabuk-do for eco-friendly vehicles, Jeju Island for electric car charging services and Daejeon for the biomedical sector.
Companies in these special zones will be free from all red tape for the development of their designated industries, which have been identified as future growth engines for their respective regions.
With Tuesday's announcement, local governments expect to attract 140 businesses, create 2,200 jobs and generate sales of 1.6 billion U.S. dollars over the next two to four years.
Prime Minister Lee Nak-yon said that the special zones will revitalize regional industries.
This is the second announcement of its kind since the government announced exemptions for seven areas including Busan for blockchain technology, Daegu for smart wellness and Jeollanam-do for e-mobility.
Kim Mok-yeon, Arirang News.