Establishing a Collaborative Support Partnership between Regulatory Free Zones and Economic Free Zones

Regulatory Free Zones and Economic Free Zone support agencies have joined hands to provide integrated support for regulatory exemptions and commercialization through collaboration between the two zones.

The Ministry of SMEs and Startups and the Ministry of Trade, Industry and Energy held a meeting on the 14th at the Korea Chamber of Commerce and Industry with related agencies collaborating between Regulatory Free Zones (hereinafter referred to as Regulatory Zones) and Economic Free Zones (hereinafter referred to as Economic Zones).

This meeting was attended by the two ministries and support agencies for the zones, including the Economic Free Zone Authority (hereinafter referred to as Economic Authority), the Korea Institute for Advancement of Technology, the Small and Medium Business Corporation, and the Korea Institute of Startup & Entrepreneurship Development, to share progress and achievements of collaboration between the zones. Additionally, it was held to discuss expanding support measures for companies residing in or participating in the zones through promoting cooperation among the support agencies.

Since February, the Ministry of SMEs and Startups and the Ministry of Trade, Industry and Energy have started strategic personnel exchanges and prepared an amendment to the Economic Free Zone Act granting the Economic Authority the authority to approve applications for designation of Regulatory Zones. Furthermore, they continue to enhance the competitiveness of the zones and expand support for resident companies through collaboration, such as awarding additional points to companies located in Economic Zones during the selection evaluation of the Ministry of SMEs and Startups’ public-private cooperation open innovation support projects.

At this meeting, four support agencies including the Economic Authority signed a Memorandum of Understanding (MOU) to strengthen cooperation in continuously identifying and supporting regulatory innovation demands, supporting the development and commercialization of innovative products by companies participating in the zones, and more. This MOU is significant as it establishes a support system for strategic collaboration and promotes joint achievements through linking the support means of each agency.

Lee Hyun-jo, Director of the Economic Free Zone Planning Division at the Ministry of Trade, Industry and Energy, stated, “The government will do its best together with support agencies to ensure that the outcomes of collaboration between the zones become a catalyst that induces voluntary cooperation among participants in the zones in the future.”

Kim Hong-joo, Director of the Zone Innovation Planning Division at the Ministry of SMEs and Startups, said, “To promote cooperation between companies participating in Regulatory Zones and Economic Zones, we will regularize meetings among support agencies and provide systematic, focused management and support.”