Buyeo-gun General Industrial Complex Selected as a Candidate Site for Chungnam Opportunity Development Special Zone

Plan to Establish Secondary Battery Hub in General Industrial Complex

Buyeo County Office Exterior View

On the 9th, Buyeo County in Chungnam announced that the Buyeo General Industrial Complex was selected in the feasibility evaluation for the designation of the Opportunity Development Special Zone by Chungnam Province.

The county plans to establish a secondary battery support base in the general industrial complex once it is designated as an Opportunity Development Special Zone. The province plans to apply for the designation of the Opportunity Development Special Zone to the Ministry of Trade, Industry and Energy by August.

If designated as an Opportunity Development Special Zone, capital gains income and corporate tax on company relocations will be deferred until the disposal of acquired real estate within the zone, restrictions on business type changes will be lifted, and the obligation for heirs to serve as CEO will be abolished.

Additionally, local investment promotion subsidies will be increased by an additional 5% compared to the existing support.

A county official stated, "We will make every effort to foster Buyeo County’s future growth engine industries by discovering additional domestic and international secondary battery anchor companies and clustering related companies in the Buyeo General Industrial Complex."

County Governor Park Jeong-hyun said, "Taking this Opportunity Development Special Zone as a turning point, we will actively support companies relocating to Buyeo County by providing unprecedented incentives and regulatory exceptions to promote national balanced development and respond to local extinction."