Most Popular
-
1
Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
-
2
Medical reform committee kicks off despite boycott from doctors
-
3
10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
-
4
Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
-
5
DP leader says he will meet Yoon without conditions
-
6
Second Gimpo civil servant found dead, after apologizing for not finishing work
-
7
Over 9,000 hotline calls made by stalking victims in 2023
-
8
[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
![[Hello India] Hyundai Motor vows to boost 'clean mobility' in India](//res.heraldm.com/phpwas/restmb_idxmake.php?idx=644&simg=/content/image/2024/04/25/20240425050672_0.jpg&u=)
-
9
Monthly users on local streaming platforms outpace Netflix, Disney+
-
10
US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
![[Hello India] Hyundai Motor vows to boost 'clean mobility' in India](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=644&simg=/content/image/2024/04/25/20240425050672_0.jpg&u=)
The government is taking its deregulatory mode to a new level by considering the establishment of “regulation-free” business zones to boost the economy.
The National Economic Advisory Council, a consultative body for President Park Geun-hye, on Wednesday submitted the so-called “regulation free-zone” project with the President to revitalize regional economies.
“We need to select two or three focus industries in each of the 17 administrative regions and set up regulation-free zones to proliferate their respective business operations,” the council reported at a meeting presided over by Park on the day.
“Each region will have a creative economy-nurturing institution as the center point of the projects. This will also help talented people spread to regional economies (instead of being crowded into Seoul and its surrounding area),” a council member said.
Local administrations will be assigned to select the beneficiary industries next year, followed by the prime minister’s authorization of various tax cuts and subsidies through regional creative economy centers. A legal revision to allow the creation of regulation-free zones will kick off no later than 2016, which will benefit creative and integrated businesses such as “smart factories.”
The regulation-free zones will only be bound to keep national security and health and safety rules. This is expected to attract more investments from both home and abroad.
Restrictions that are likely to be loosened or stripped are floor-space ratio regulations in constructing buildings, mandatory environmental examination processes for high-tech industrial complexes created inside cities, and mandatory license issuances for all marine logistics, including provisional trips and others.
The council also suggested easing regulations on the development in Gyeonggi areas, which is intended to give more business opportunities to other regions. The group of experts suggested that while the number of manufacturing plants should be capped as usual, creation of production facilities inside airports or ports should be allowed.
By Bae Ji-sook (baejisook@heraldcorp.com)
The National Economic Advisory Council, a consultative body for President Park Geun-hye, on Wednesday submitted the so-called “regulation free-zone” project with the President to revitalize regional economies.
“We need to select two or three focus industries in each of the 17 administrative regions and set up regulation-free zones to proliferate their respective business operations,” the council reported at a meeting presided over by Park on the day.
“Each region will have a creative economy-nurturing institution as the center point of the projects. This will also help talented people spread to regional economies (instead of being crowded into Seoul and its surrounding area),” a council member said.
Local administrations will be assigned to select the beneficiary industries next year, followed by the prime minister’s authorization of various tax cuts and subsidies through regional creative economy centers. A legal revision to allow the creation of regulation-free zones will kick off no later than 2016, which will benefit creative and integrated businesses such as “smart factories.”
The regulation-free zones will only be bound to keep national security and health and safety rules. This is expected to attract more investments from both home and abroad.
Restrictions that are likely to be loosened or stripped are floor-space ratio regulations in constructing buildings, mandatory environmental examination processes for high-tech industrial complexes created inside cities, and mandatory license issuances for all marine logistics, including provisional trips and others.
The council also suggested easing regulations on the development in Gyeonggi areas, which is intended to give more business opportunities to other regions. The group of experts suggested that while the number of manufacturing plants should be capped as usual, creation of production facilities inside airports or ports should be allowed.
By Bae Ji-sook (baejisook@heraldcorp.com)
