Benefits such as tax and financial support for resident companies, regulatory exemptions, and improved living conditions
Lee Wanseop, Mayor of Seosan, and related officials celebrated the designation of the Opportunity Development Zone in the mayor's office at City Hall. Photo shows the commemorative photo session / Seosan City
A global cluster leading technological innovation and advanced chemistry in the petrochemical industry will be established in the Daesan Coastal Industrial Area, Seosan City, South Chungcheong Province.
Seosan City, which has been preparing for the designation of the Opportunity Development Zone together with South Chungcheong Province, applied for the designation to the Ministry of Trade, Industry and Energy in August, and after deliberation and resolution by the Local Era Committee, it was finally designated as an Opportunity Development Zone.
The Opportunity Development Zone, a core policy for balanced regional development, is a system designed to attract large-scale corporate investment by providing comprehensive support such as tax and financial assistance, regulatory exemptions, and improvements in living conditions.
Businesses that are newly established or start up within the Opportunity Development Zone will be fully exempt from income and corporate taxes for five years, and will receive a 50% reduction for an additional two years.
In addition, property taxes on business real estate for companies relocating from the Seoul metropolitan area to the zone, as well as for newly established businesses within the zone, will be fully exempt for five years.
Daesan Green Complex Industrial Complex in Seosan, designated as a Special Opportunity Development Zone. /Seosan City
The designated area is the Daesan Green Complex General Industrial Complex, which is set to be reborn as an Opportunity Development Zone to strengthen the competitiveness of the core petrochemical industry and foster the advanced chemical industry.
The city expects that, through this selection, it will attract promising companies with an optimal business environment, accelerate industrial innovation and the cultivation of advanced enterprises, and contribute to strengthening the nation’s industrial competitiveness.
In addition, the city plans to establish an industry-tailored talent development system by cooperating with relevant educational institutions to train and connect talent to employment for companies located within the zone.
Mayor Lee Wanseop said, “The Opportunity Development Zone is a new opportunity for national balanced development and will become a driving force for Seosan to make a new leap forward,” adding, “With this designation, we will do our best to accelerate corporate attraction, strengthen industrial competitiveness, and increase job creation.”
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