Goyang Applies for Preliminary Advisory on Free Economic Zone Designation to Ministry of Trade, Industry and Energy

Goyang, Gyeonggi Province, recently announced that it has applied for the 6th expert preliminary advisory from the Ministry of Trade, Industry and Energy for the designation of a free economic zone.

This marks the first preliminary advisory since the launch of the 9th popular-election mayoral term, aimed at reviewing the completeness of the development plan prior to applying for final designation.

Reflecting previous advisories and consultations with related agencies, the city has revamped its overall development plan, including the project area, strategic industries, and financing plans.

Rather than maintaining a large area, the focus was placed on creating a plan that ensures actual designation and project implementation.

Goyang plans not only to secure the designation but also to link it with the master plan for attracting businesses and the sales of the Ilsan Techno Valley, thereby expanding its industrial base and laying the foundation for a self-sufficient city that attracts companies and talent.

Following its selection as a candidate site for additional designation as a Gyeonggi Free Economic Zone in 2022, Goyang has continued preliminary advisories with Ministry of Trade, Industry and Energy experts and consultations with related agencies to refine its development plan.

Following the 5th preliminary advisory in July of this year, the city comprehensively analyzed opinions from the Ministry of Trade, Industry and Energy and other related ministries, as well as development and operation cases from other free economic zones, to re-examine the existing plan.

With the launch of the 9th popular-election term, in accordance with Mayor Min Kyung-sen's stance to pursue the project with a sense of urgency by maintaining the original direction while adjusting the scale and methods to fit reality, the development plan was restructured to simultaneously increase the likelihood of designation and actual project execution after designation.

Precision medicine and K-culture were clearly designated as core strategic industries, while industry-specific locations, land use plans, infrastructure, business attraction directions, and financing plans were specified.

The city recently applied for the 6th preliminary advisory to the Ministry of Trade, Industry and Energy, incorporating these supplemented plans.

The city views this advisory as a critical step to review the supplemented details and enhance the completeness of the plan for the final designation application.

Following the preliminary advisory, the city plans to go through administrative procedures such as hearing residents' opinions and apply for designation to the Ministry of Trade, Industry and Energy through Gyeonggi Province within the year.

The biggest change in this revision is the realistic adjustment of the project area.

By comprehensively reviewing land use regulations such as agricultural promotion zones, environmental and transportation conditions, infrastructure installation, and the feasibility of project costs and financing, the city adjusted the existing project area from approximately 9.69 square kilometers to around 2 square kilometers.

Although the area was reduced, the likelihood of actual project implementation was increased by actively utilizing existing developed areas and minimizing the incorporation of new farmland.

This decision was based on the judgment that focusing on areas with corporate demand, favorable locations, and infrastructure conditions is more important for designation and subsequent project execution than having a large area.

The city also enhanced the differentiation of its strategic industries by leveraging its existing foundation.

For precision medicine, an ecosystem spanning from research and development to commercialization will be established by connecting medical and research institutions such as the National Cancer Center with medical data and artificial intelligence technology.

For K-culture, the vision is to foster an industrial hub where planning, production, performance, exhibition, and distribution connect, utilizing the K-Culture Valley Arena, broadcasting and video industry infrastructure, and KINTEX.

Mayor Min Kyung-sen stated, "We will connect the free economic zone, Ilsan Techno Valley, and business attraction policies into a single strategy to build Goyang as a self-sufficient city that attracts businesses and talent."

(Photo provided by Goyang City, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.