Strategy Meeting Held to Strengthen Free Economic Zone Competitiveness on the 19th
Commissioner Park Sungho: "We Will Move Beyond Regulatory Barriers Toward Becoming a Global Innovation Hub"
The Busan-Jinhae Free Economic Zone Authority (Commissioner Park Sungho) announced on the 19th that it will actively utilize the advantages of the Regulatory Free Zone to foster new industries and attract companies to the Free Economic Zone.
The Regulatory Free Zone supports the demonstration of new business models and innovative technologies by easing regulations related to new industries that local regions and companies face as a package. This enables local investment and the creation of quality jobs.
At the strategy meeting held on the 19th in the main conference room of the Authority, Busan and Gyeongnam Technopark, which are responsible for planning the Regulatory Free Zones in both cities and provinces, presented key projects and the current status of the Regulatory Free Zone. Following this, Panasia, which is currently conducting an ammonia eco-friendly energy zone project within the Free Economic Zone, candidly shared its experiences from a corporate perspective and suggested directions for future improvements. At the end of the meeting, executives from the Authority, including Busan-Gyeongnam Research Institute and other attendees, engaged in a heated discussion to discover collaborative projects linked to the Regulatory Free Zone.
The Authority plans to focus on enabling companies to demonstrate new technologies, expand investment opportunities, and create a sustainable innovation ecosystem by utilizing the Regulatory Free Zone system within the Free Economic Zone. To this end, it will identify the needs for regulatory improvement among companies in the Free Economic Zone and seek solutions in connection with the Regulatory Free Zone. Cooperation between companies participating in the Regulatory Free Zone and those located in the Free Economic Zone is expected to create synergy in technology and service sectors.
In addition, the Authority plans to attract global anchor companies within the Free Economic Zone and establish an ecosystem where companies can conduct research and development and demonstrations simultaneously in conjunction with the Regulatory Free Zone. Furthermore, with the expansion of the Free Economic Zone, it will create an industrial cluster where advanced logistics and manufacturing companies can gather and guide the practical application of innovative technologies in new industries that have been validated in the Regulatory Free Zone.
Commissioner Park Sungho stated, "The Regulatory Free Zone is an important policy tool for fostering new industries and creating an innovation ecosystem, and when linked with the Free Economic Zone, it can generate even stronger synergy," adding, "We will actively support Busan and Gyeongnam to become a global innovation hub."
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