Mayor Lee Jaejun: "All Resources to Be Devoted to Seosuwon Economic Free Zone Designation"

Lee Jaejun, mayor of Suwon, announced on the 25th that the city will devote all its resources to securing designation as an economic free zone in November next year.

During a press briefing at Suwon City Hall on this day, Mayor Lee stated, "Until the 1990s, Suwon was a leading corporate city in Gyeonggi Province, but due to excessive regulatory restrictions in the Seoul metropolitan area, ten large companies relocated elsewhere between 1996 and 2012, and the city's fiscal independence rate, which was over 90% before 2000, has been cut in half to the 40% range this year." He added, "By achieving designation as an economic free zone, we will attract businesses, create jobs, and revive the local economy."

He further explained, "The Seosuwon area, which is a candidate site for the economic free zone, offers excellent accessibility, is home to five universities that provide a rich pool of highly skilled talent, has strong demand from companies seeking to move in, and boasts a superior residential environment."

Lee Jaejun, mayor of Suwon, is holding a press briefing related to the economic free zone on the 25th. Photo by Suwon City

In addition, he pledged to develop a 1 million pyeong area, which has been proposed as a candidate site for the economic free zone, along with a 300,000 pyeong advanced science research site in the surrounding area, attract international elementary, middle, and high schools, create foreigner-friendly residential spaces, build integrated cultural and sports facilities, and establish green and waterfront spaces.

Suwon City plans to attract R&D-based advanced semiconductor industries to a 3.24 square kilometer site in the Seosuwon area of Gwonseon-gu. The Gyeonggi Free Economic Zone Authority will launch a research project in the first half of the year to revise the development plan for the economic free zone and determine the final application site.

Afterward, in June next year, the city will apply to the Ministry of Trade, Industry and Energy for economic free zone designation for the final application site. If the application passes the review, the area will be designated as an economic free zone in November 2026.

Mayor Lee said, "Among the three candidate sites evaluated by Gyeonggi Province, only Suwon received an unqualified 'suitable' rating, which proves that we are fully prepared both industrially and in terms of urban space," adding, "We will devote all our resources until the designation is confirmed."

Meanwhile, once designated as an economic free zone, the area will benefit from various incentives, including special exemptions from labor and management regulations, as well as reductions in local and customs taxes depending on the scale of investment.