'Cheongna Development Plan Amendment' Approved and Announced by the Ministry of Trade, Industry and Energy
[Asia Economy Reporter Park Hyesook] Domestic companies will also be able to move into land exclusively designated for foreign-invested companies within the Cheongna International City of the Incheon Free Economic Zone.
The Incheon Free Economic Zone Authority announced on the 21st that the "Development Plan Amendment for the Cheongna International City Development Project," which includes this content, was recently approved by the Ministry of Trade, Industry and Energy and officially notified.
The amendment reflects the government's shift in free economic zone policy from development and foreign investment attraction to "innovative growth," allowing domestic companies to move into land exclusively designated for foreign-invested companies within the Urban High-tech Industrial Park (IHP) under the 2nd Free Economic Zone Basic Plan (2018?2027).
Accordingly, the Incheon Free Economic Zone Authority plans to proceed with the implementation plan amendment by the end of this month to attract both domestic and foreign companies to the F2 block, 183,000㎡ (two parcels) within the IHP.
Additionally, the amendment includes the land use plan changes following the approval and notification of the Incheon Robot Land establishment implementation plan by the Ministry of Trade, Industry and Energy in June last year, and the urban management plan changes for the Yeongjong?Cheongna 3rd Interconnection Bridge. The Incheon Robot Land reduced the theme park land ratio from 50% to 21% and expanded the robot industry promotion facility land from 6% to 33%.
The Incheon Free Economic Zone Authority plans to proceed with the implementation plan amendment for Incheon Robot Land and the 3rd Interconnection Bridge in the second half of this year once administrative procedures such as environmental and traffic impact assessments are completed.
An official from the Incheon Free Economic Zone Authority stated, "This development plan amendment was made to realistically address the difficulties in attracting foreign-invested companies and to proactively respond to rapidly changing industrial environments such as carbon neutrality and digital transformation," adding, "It will greatly contribute to strengthening the competitiveness and increasing the value of Cheongna International City."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
