Approval of Amendment to Enforcement Decree of Industrial Cluster Act Allowing Legal, Accounting, and Tax Professionals to Reside in Industrial Complexes

The government will allow legal, accounting, and tax service industries to settle in industrial facility zones. The Ministry of Trade, Industry and Energy announced on the 25th that the revision of the Enforcement Decree of the "Act on the Activation of Industrial Complexes and Factory Establishment," which includes this provision, was approved at the Cabinet meeting.

With the amendment to the Industrial Complex Act taking effect on the 10th of next month, the revised enforcement decree stipulates matters delegated by the law.

Specifically, to promote corporate investment within industrial complexes and resolve management difficulties faced by resident companies, the decree clearly defines investors in asset securitization as financial investment businesses, real estate investment companies, and public institutions. It also grants companies that raised funds by securitizing assets the right of first negotiation to repurchase the securitized assets.

An exception has been newly established whereby resident companies contributing industrial land, etc., as in-kind contributions to joint ventures are not subject to disposal restrictions for five years after the sale of the industrial land. In particular, the scope of eligible industries for settlement has been expanded to allow legal, accounting, and tax service industries to enter industrial facility zones, enabling companies to conveniently utilize support services near their factories.

An official from the Ministry of Trade, Industry and Energy stated, "We will monitor whether the reform of location regulations in industrial complexes is implemented without delay," and added, "We plan to actively identify and improve unreasonable regulations and corporate difficulties that hinder investment by companies within industrial complexes."