Ulsan Free Economic Zone

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 Ulsan Free Economic Zone Authority(UFEZ) announced that it bestows its all to build the basis of economic growth by reviewing the ongoing processes on its own since its opening one month ago and establishing a plan.

 As the driving force to achieve the establishment of Northeast Asia energy hub, UFEZ started its service to realize the goal of building the infrastructure of new energy industries and attracting related business investment.

 To meet this goal, UFEZ expects to foster the basis of the innovative eco-system, strengthen the supportive infrastructure for innovation growth, establish the investment attraction strategy, and expedite customized marketing.

 Working with the 2^nd Free Economic Zone basic plan that the Ministry of Trade, Industry, and Energy has set, UFEZ will conduct feasibility studies of new site development and develop additional free economic zones to strengthen its innovative competitiveness and to attract the businesses of the new industry.

Having applied to the government fund public offering for establishing the innovative eco-system that could make Ulsan metropolitan to be the world hub of hydrogen industries, UFEZ is waiting for the result of the government fund scheduled to announce on March 12.

If selected, Ulsan will foster UFEZ as the hub for the new industries.

Additionally, UFEZ will organize the innovative governance committee that consists of about 20 stakeholders from district management units, local institutes for innovation, representatives of the companies within the district, related organizations, and external experts. This committee expects to take the role of mediating or resolving various issues and concerns from each party in the middle of policymaking.

To improve the reliability of district administration and customer satisfaction, it also provides a one-stop service for civil affairs to issuing permits and approvals on construction, property, and environmental issues.

Cho Yeong-shin, the commissioner of UFEZ, said that “having received huge expectations about UFEZ from the citizens, we might say that the first month was a preparatory step that organized the basis and strategy of investment attraction. From now on, this is where we start full throttle to perform tangible outcomes little by little.”