The Miryang Nano Convergence National Industrial Complex, the Changnyeong Daehap·Yeongnam Industrial Complex, and the Hadong Daesong Industrial Complex in Gyeongnam will be newly designated as Opportunity Development Zones.
On July 29, the Gyeongnam Provincial Government announced at the provincial government press center that, according to a notice from the Ministry of Trade, Industry and Energy to be issued on July 30, a total area of 2.21 million square meters across these three industrial complexes will be newly designated as Opportunity Development Zones.
Cho Hyunjun, Director of the Economic and Trade Bureau, is announcing the news of the additional designation of the Opportunity Development Zone. Photo by Lee Seryeong
A total of 36 companies, including 6 anchor companies and 30 partner companies, will move into the three city and county Opportunity Development Zones selected this time.
The province expects that this will lead to a total investment of 1.5764 trillion won and the creation of 1,797 jobs.
Location map of the Opportunity Development Zone within Miryang Nano Convergence National Industrial Complex (left) and Changnyeong Daehap General Industrial Complex. Provided by Gyeongnam Province
Among them, the Miryang Nano Convergence National Industrial Complex will serve as a future advanced materials and components zone, where 13 companies including Korea Carbon will invest a total of 279.7 billion won and create 823 jobs.
The Changnyeong Daehap·Yeongnam General Industrial Complex will be a future mobility materials and components zone, where 17 companies including Yurim Tech will invest 448.5 billion won and create 390 jobs.
The Hadong Daesong Industrial Complex will serve as a secondary battery mobility materials zone, where 6 companies including L&F will invest 848.2 billion won and provide 584 jobs.
Location map of Changnyeong Yeongnam General Industrial Complex (left) and Opportunity Development Zone within Hadong Daesong Industrial Complex. Provided by Gyeongnam Province
The Opportunity Development Zone is a system that comprehensively supports tax reductions, financial assistance, and improvements to residential conditions in order to encourage the relocation and investment of large corporations in non-metropolitan areas.
Companies moving into Opportunity Development Zones will receive a 100% reduction in income tax and corporate tax for five years, and a 50% reduction for an additional two years.
Acquisition tax will be reduced by 50%, property tax by 75%, the local investment promotion subsidy rate will be increased by up to 10%, and up to 20 billion won in national subsidies will be provided, among other various benefits.
A comprehensive support system will also be established, including the expansion of infrastructure such as electricity, gas, and water supply, talent development through linkage with educational development zones, and the establishment of youth housing and residential infrastructure.
In Gyeongnam, following the designation of the Goseong Yangchon·Yongjeong General Industrial Complex, the Tongyeong Complex Marine Tourism Complex, and the Changwon National Industrial Complex last year, Miryang, Changnyeong, and Hadong have now also been designated.
A total of 6.6 million square meters has been designated as Opportunity Development Zones, achieving 100% of the provincial unit maximum area for the first time in the country.
The province plans to further advance the regional industrial structure, promote the creation of quality jobs, and attract young talent through this additional designation of Opportunity Development Zones, thereby achieving sustainable and balanced growth.
In addition, the province plans to request the Ministry of Trade, Industry and Energy, the Presidential Committee for Balanced National Development, and other government bodies to expand the already achieved provincial unit maximum area by an additional 2 million pyeong in order to further foster and grow regional industries.
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