Cheonan City Promotes Designation as Chungnam Economic Free Zone

Expectations for Industrial Cluster Formation Linked with 5th General Industrial Complex and Dongbu Bio General Industrial Complex

Cheonan City held a residents' briefing session on the draft development plan for the Cheonan Susin District, an international free zone promoted by Chungnam Province, marking the beginning of active efforts to designate the area as an international free zone.

Cheonan City in Chungnam is set to actively pursue designation as an economic free zone in Chungnam to secure future new growth engines.

According to Chungnam Province on the 14th, as a key project for the construction of Bay Valley, the designation of economic free zones is being promoted targeting Cheonan, Asan, Seosan, and Dangjin cities.

Among the target areas, the 'Cheonan Susin District' has been selected and is expected to apply for designation to the Ministry of Trade, Industry and Energy as early as the end of this month.

Once designated as an economic free zone, the project developer will receive exemptions from various taxes and charges, and resident companies will also benefit from tax reductions, financial support, reductions in fees for the use and lease of national and public property, and improvements in living conditions to support business activities.

The Cheonan Susin District is expected to form an industrial cluster linked with the 5th General Industrial Complex, Dongbu Bio General Industrial Complex, and others, based on future mobility convergence projects and an excellent metropolitan transportation network.

To this end, the city recently held a residents' briefing session on the Chungnam Economic Free Zone Cheonan Susin District Development Plan (draft) at the Susin-myeon Administrative Welfare Center together with Chungnam Province to gather residents' opinions.

A city official said, “If the Cheonan Susin District is designated as an economic free zone, it is expected to give a significant boost to attracting companies,” adding, “We will closely consult with Chungnam Province and consider expanding the economic free zone starting with the Susin District to other industrial focus areas in Cheonan City.”