MSS Selects 7 Candidate Regions for Regulatory Free Zones

2024-10-29

The Ministry of SMEs and Startups (MSS) of South Korea has designated seven local governments, including Gyeongbuk, Gwangju, Daejeon, Ulsan, Jeonnam, Jeonbuk, and Jeju, as candidates for the regulatory free zones and is now recruiting participating companies and institutions.

The regulatory free zone candidate system is designed to support local governments in establishing special zone plans with high contributions to the local economy and significant regulatory relief effects. Considering factors such as industrial innovation, the impact of regulatory relief, and regional specialization, the MSS will provide close support to the seven selected candidate zones, including project planning funds, consulting by technology and regulatory experts, and coordination with regulatory agencies to grant regulatory exemptions.

The candidate zone projects focus on various innovative areas: ▲Gyeongbuk - recycling of core components (batteries, motors, reducers, inverters) from used electric vehicles ▲Gwangju - advanced regenerative medicine ▲Daejeon - aerospace (satellites and space components) ▲Ulsan - ammonia bunkering ▲Jeonnam - E-mobility special zone (small mobility and personal mobility devices) ▲Jeonbuk - functional foods ▲Jeju - hydrogen-based energy storage (hydrogen storage using LOHC). Three of these zones will be finally selected as regulatory free zones after undergoing deliberations by the Regulatory Free Zone Deliberation Committee (chaired by the Minister of SMEs and Startups) and the Regulatory Free Zone Committee (chaired by the Prime Minister) next year.

Source: https://news.nate.com/view/20241014n01941