Gyeonggi Province has established an institutional foundation to directly attract businesses to new towns and other areas.
On July 23, Gyeonggi Province announced that the "Ordinance on Supporting the Promotion of Corporate Attraction in Public Housing Districts of Gyeonggi Province," proposed by Baek Hyun-jong, the representative member of the People Power Party in the Gyeonggi Provincial Council, was passed at the 385th temporary session of the Gyeonggi Provincial Council.
This ordinance follows the expansion of the authority to recommend supply recipients from mayors and county governors to heads of local governments, including provincial governors, under the "Guidelines for Housing Site Development Project Management" revised by the Ministry of Land, Infrastructure and Transport on January 3, 2025, at the suggestion of Gyeonggi Province.
With this ordinance, the province has secured the practical authority to directly attract businesses by establishing an institutional basis for the governor to exercise the right to recommend companies for sites such as urban-type factories within public housing districts.
Gyeonggi Province expects that this ordinance will also give momentum to its key investment attraction strategy of "over 100 trillion won," which is being promoted as a core pledge of the 8th popularly elected administration.
Kim Sujeong, head of the New Town Planning Division of Gyeonggi Province, stated, "With this ordinance, public housing sites and the third phase new towns in Gyeonggi Province can be transformed into self-sufficient spaces with job creation and the establishment of an industrial ecosystem," adding, "Gyeonggi Province will actively attract anchor (leading) companies in the future to contribute to revitalizing the local economy."
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