Ulsan City Holds Ceremony to Commemorate Designation as Opportunity Development Zone

Launch of Consortium with 11 Companies and Signing of Success Promotion Agreement

On the 8th at 3 PM, Ulsan City will hold a commemorative event for the designation of the Ulsan Opportunity Development Zone at the annex of Korea Zinc.

The event was organized to celebrate the designation of the Opportunity Development Zone and to strengthen joint cooperation between Ulsan City and investing companies for regional economic revitalization and job creation through the successful promotion of the zone.

The event will be attended by about 60 people, including Ulsan Mayor Kim Doo-gyeom, Deputy Mayor for Economic Affairs Ahn Hyo-dae, and representatives from 10 companies designated in the zone. It will include reports on the main progress of the Opportunity Development Zone, signing of agreements with designated companies, and commemorative photo sessions.

According to the agreement, Ulsan City will actively resolve difficulties such as various permits and approvals support and regulatory improvements to ensure the success of the investing companies' businesses, while the investing companies will strive to revitalize the local economy and create jobs.

Mayor Kim Doo-gyeom of Ulsan said, “The Ulsan Opportunity Development Zone is significant as a model case that reutilizes existing industrial complexes without creating new ones and reflects the global carbon neutrality paradigm. Since the designation of the Ulsan Special Industrial Zone in 1962, companies that have led Korea’s industrialization together with Ulsan have decided to make large-scale investments in Ulsan, and our city will actively support them.”

The Opportunity Development Zone is a system where local governments autonomously design and operate to attract large-scale investments to the provinces to resolve the crisis of regional extinction and promote balanced regional development, while the central government provides support such as tax and regulatory exemptions.

On the 6th, Ulsan City had three zones designated as Opportunity Development Zones, including the next-generation secondary battery industry leading zone. Eleven leading (anchor) companies will participate, planning to invest about 22 trillion KRW in a 4.2 million square meter (1.27 million pyeong) area covering Ulsan·Mipo National Industrial Complex, Onsan National Industrial Complex, Ulsan High-Tech Valley General Industrial Complex, Ulsan Bukshin Port and port hinterland complexes.