Paju City Takes Preemptive Steps to Secure Tenant Demand for Economic Free Zone Designation
Strengthening Cooperative Structures with Key Local Companies
Investment Attraction Activities Targeting Partner Companies
Paju City, Gyeonggi Province (Mayor Kim Kyung-il) announced on the 4th that it conducted investment attraction activities for LG Display partners over two days on the 1st and 2nd to designate an economic free zone.
Paju City conducted investment attraction activities for the designation of an economic free zone targeting LG Display partners over two days, on the 1st and 2nd. Photo by Paju City
This event aimed to secure tenant demand, a key factor in the designation of the economic free zone, and included promotions about the Paju Economic Free Zone attended by LG Display officials and partner company representatives.
The event was held as a continuation of the memorandum of understanding (MOU) for mutual cooperation to designate the economic free zone, signed last November between Paju City and the three LG companies (LG Display, LG Innotek, LG Uplus), with many foreign-invested companies also participating, showing high interest in the Paju Economic Free Zone.
The economic free zone is a special zone that provides various incentives to foreign-invested companies and domestic returning companies and improves business environments and living conditions through complex development.
Paju City is promoting the designation of the economic free zone to realize one of the goals of the 8th elected administration, "rapid entry into a self-sufficient city of one million," and participated in the Gyeonggi Province public contest for additional designation candidate sites for the Gyeonggi Economic Free Zone in January. The candidate site selection evaluation is currently underway.
The candidate site selection evaluation is expected to be completed within this month. If selected, a development plan will be established with Gyeonggi Province by 2027, followed by an application to the Ministry of Trade, Industry and Energy, designation evaluation, and related administrative procedures including deliberation and resolution by the Economic Free Zone Committee.
Mayor Kim Kyung-il of Paju City said, "The most important factor for the designation of the economic free zone is securing tenant demand," adding, "We will strengthen cooperative structures with key companies inside and outside the city, discover new investment demand, and provide business-friendly incentives to successfully attract investment and make every effort to realize the designation of the economic free zone."
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