East Coast Economic Free Zone Authority Presents Blueprint for 'Core Strategic Industries'

Mangsang 'Resort-style Tourism and Leisure', Bukpyeong 'Renewable and Hydrogen Energy', Ok-gye 'Advanced Materials and Components'

Plans for the Development of Mangsang International Complex Tourist City [East Coast Economic Free Zone Authority]

[Asia Economy Reporter Ra Young-cheol] The East Coast Economic Free Zone Authority of Gangwon Province has unveiled a blueprint to revitalize the regional economy of the East Coast area through attracting companies centered on core strategic industries and to drive new growth engines.

The East Coast Economic Free Zone Authority announced on the 16th, "We plan to specialize and intensively nurture each zone based on core strategic industries: Mangsang as a resort-type tourism and leisure industry, Bukpyeong as a hydrogen energy industry, and Okgae as a hub for advanced materials and components industries."

Mangsang District 1 has signed a memorandum of understanding with LCS Group, ranked 13th among Philippine conglomerates, and foreign direct investment (FDI) of 100 million dollars has been reported by 2024.

Mangsang Districts 2 and 3 are undergoing development projects for marine tourism hubs, including premium hotels and art museums, with the developer Dongbu Construction Co., Ltd. having completed the establishment of an SPC (Special Purpose Company) and submitted the implementation plan approval application.

Okgae District has secured the attraction of the Ministry of Oceans and Fisheries' Coastal Port Disaster Prevention Research Center, and by additionally designating a general industrial complex within the existing economic free zone, further support such as acquisition tax reductions and rent relief for domestic companies related to advanced materials and components industries is now possible.

Bukpyeong District is being developed as a hydrogen energy hub area linked with the renewable energy-based power-to-gas (P2G) hydrogen production R&D demonstration project, designation as a liquefied hydrogen regulatory free zone by the Ministry of SMEs and Startups, and the establishment of a hydrogen storage and transportation cluster.

Previously, in November last year, 40 industry classification codes across three core strategic industries?'resort-type tourism and leisure,' 'hydrogen energy,' and 'advanced materials and components'?were selected as the core strategic industries of the East Coast Economic Free Zone.

For related investment companies, location benefits such as sales below development cost, allowance of private contracts, rent reductions, and exclusive site occupancy, as well as incentives including local investment subsidies and equipment subsidies, will be expanded.

Shin Dong-hak, head of the East Coast Economic Free Zone Authority, said, "We will establish a virtuous cycle system that leads to investment attraction by discovering growth demands across all corporate activities such as regulatory improvements and marketing, securing innovation capabilities through customized investment support."