Partial Amendment Bills of the Industrial Location Act and the Public Waters Management Act Proposed

Assemblyman Seodongyong, Difficulty in Attracting Investment for New Industries

Expectations for Revitalization of New Industries such as Hydrogen and Secondary Batteries

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] A regulatory improvement bill has been submitted to the National Assembly to enable private developers of national industrial complexes to swiftly attract new industries that enhance national competitiveness.

On the 17th, Seo Dong-yong, a member of the National Assembly from the Democratic Party of Korea (Jeonnam Suncheon-Gwangyang-Gokseong-Gurye-eul), announced that he submitted the "Partial Amendment to the Act on Industrial Sites and Development" and the "Partial Amendment to the Act on Management and Reclamation of Public Waters" to the National Assembly.

On the 17th, National Assembly member Seodong-yong submitted the "Partial Amendment to the Act on Industrial Sites and Development" and the "Partial Amendment to the Act on the Management and Reclamation of Public Waters" to the National Assembly.
Photo by Office of Assemblyman Seodong-yong

Currently, the "Act on Industrial Sites and Development" and the "Act on Management and Reclamation of Public Waters," which serve as the legal basis for the creation of national industrial complexes, have very restrictive regulations regarding the disposal of land and facilities within national industrial complexes, and the permission for occupation and use of public waters and changes in reclamation purposes are also very limited, making it difficult to respond promptly to rapidly changing economic conditions.

In particular, the Gwangyang National Industrial Complex has been developing an industrial complex by reclaiming public waters at the Donghoan site since its project approval in 1989.

However, more than 30 years after the development approval, due to changes in the nation's key industries and industrial structure such as carbon neutrality, there have been continuous calls for promoting future new industries such as hydrogen, LNG, and secondary batteries beyond the existing steel industry in the Gwangyang National Industrial Complex. Yet, investment attraction is difficult due to restrictions in current laws.

Accordingly, Assemblyman Seo Dong-yong submitted partial amendments to the Act on Industrial Sites and Development and the Act on Management and Reclamation of Public Waters to the National Assembly to improve regulations for attracting new businesses within national industrial complexes.

The main content of the partial amendment to the Act on Industrial Sites and Development includes relaxing restrictions on the disposal of developed land and facilities for private developers who directly develop and occupy industrial complexes, allowing ownership transfer to subsidiaries and affiliates.

The partial amendment to the Act on Management and Reclamation of Public Waters expands the exceptions for changing the purpose of public water reclamation by adding public interest reasons such as regional balanced development, fostering national strategic industries, and realizing carbon neutrality, thereby actively responding to changing environments and promoting public interest.

If the amended laws pass the National Assembly, it is expected that participation in projects such as attracting future new industries to idle sites within national industrial complexes involving private developers will be revitalized.

Assemblyman Seo Dong-yong said, "As the nation's future industrial landscape changes with sustainable growth and carbon neutrality, demand for new businesses such as hydrogen and secondary batteries continues to increase, but industrial site regulations should not hinder the attraction of new industries to the region." He added, "I will strive for the prompt passage of the bill to abolish industrial regulations so that not only the fostering of national strategic industries but also regional balanced development, carbon neutrality, economic growth, and public interest can be enhanced."

Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr