Full Preparation for the Resurgence of Aging Industrial Complexes
as Hubs of Advanced Industries
The Masan Free Trade Zone in South Gyeongsang Province has laid the groundwork for its resurgence as a hub for advanced industries, following its designation as a national industrial complex last year and its recent selection as a candidate site for the Competitiveness Enhancement Project District.
According to Yoon Hanhong, a lawmaker from the People Power Party representing Masanhoewon-gu, Changwon, the Ministry of Land, Infrastructure and Transport and the Ministry of Trade, Industry and Energy announced on May 9 that they had held the "Competitiveness Enhancement Committee for Aging Industrial Complexes" and selected the Masan Free Trade Zone, Asan Bugok in South Chungcheong, and Chungju No.1 General Industrial Complex in North Chungcheong as candidate sites for the Competitiveness Enhancement Project District for aging industrial complexes.
Since 2019, the government has designated Competitiveness Enhancement Project Districts annually to ensure the sustainability of aging industrial complexes. The government supports the promotion of digitalization and low-carbon initiatives, improvements in working and living conditions, and the expansion of cultural spaces by linking central government projects with those of local governments.
The Masan Free Trade Zone, established in 1970 as the first free trade zone in South Korea, once played a pivotal role in the nation’s export industry. However, its competitiveness has weakened over time due to outdated infrastructure, sluggish investment, and changes in the industrial environment, resulting in a gradual decline in vitality.
With its selection as a candidate site, the Masan Free Trade Zone is set to receive a total project budget of 482 billion won over the next three years, including 345.6 billion won in national funding. Based on a development plan that links the Changwon National Industrial Complex, Bongam Industrial Complex, and Digital Masan Free Trade Zone, it is expected to transform into a center for the "future advanced automotive new industry."
In particular, it is known that Yoon Hanhong’s legislative efforts to convert the Masan Free Trade Zone into a national industrial complex last year played a key role in its selection as a candidate site for the Competitiveness Enhancement Project District for aging industrial complexes.
Yoon Hanhong stated, "Following last year's designation of the Masan Free Trade Zone as a national industrial complex, it has achieved another milestone this year by being selected as a candidate site for the Competitiveness Enhancement Project District. I will do my utmost to revitalize the Masan Free Trade Zone, which has stagnated due to outdated facilities and sluggish investment, and to establish it as a core hub for advanced industries, thereby driving the development of the regional economy."
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