Differentiation and Compatibility
Differentiation from Other Free Economic Zones
Ulsan Free Economic Zone Differentiation Strategy
- Ulsan Free Economic Zone aims to solve the problems of existing free economic zone projects and introduce a differentiated strategy.
| Area | Existing Free Economic Zone | Differentiation Strategy of Ulsan Free Economic Zone | |
|---|---|---|---|
| Designation of Free Economic Zone | Excessive designated area | Development of urban small-scale industrial complex (minimum area: 4.70㎢) | |
| Duplicate development strategies by district and insufficient differentiation | Hydrogen industry (automobile, fuel cell, parts manufacturing, R&D, demonstration, hydrogen city, etc.) Advancement of convergence with existing infrastructure and new industries |
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| District Development and Operation | Project delay due to frequent change of implementation plan | Rapid development rate by utilizing previously developed areas | |
| Focused on private projects and transformed into regional new city development projects | Systematic and stable promotion focused on public development | ||
| Investment attraction work in free economic zones | Strengthening industrial complex management and business transfer (reduction of consignment costs: Industrial Complex Company Council and Industrial Complex Administrative Corporation) |
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| Domestic and Foreign Investment Attraction | Investment attraction work in free economic zones | Transfer and reinforcement of the entire investment attraction business in Ulsan City (using experts) | |
| Lack of a systematic investment attraction system | Promotion of investment-promoting investment attraction strategy based on corporate investment (Ulsan-Type Job Policy) | ||
| Insufficient deregulation function and lack of connection to similar special zones | Corporation with Regulation-Free Zone, Small Strong R&D Special Zone (scheduled) and Innovation Cluster | ||
| Living Conditions for Koreans and Foreigners | Insufficient financial independence of international schools (lack of operating expenses and students) |
Use of educational institutions in Ulsan and neighboring cities as a short-term plan Step-by-step implementation if necessary after reviewing feasibility as a long-term plan |
|
| Converted for domestic use due to poor sales performance of foreigner housing | Establishment and utilization of residential complex plans for domestic and foreign residents | ||
| Business Promotion System | Insufficient deliberation and coordination function | Reinforcement of deliberation and coordination functions to resolve governance issues, and organization and operation of a private policy council | |
| Insufficient work expertise of employees | Expertise | Suggestion for attracting investment experts in series Suggestion for granting an investment counselor qualification Placement of work and payment of allowances in the free economic zone for up to 5 years (special treatment for promotion, allowance, assignment, etc.) |
|
| Autonomy and Independence | Transfer of the entire investment attraction business and industrial complex management business within the district to the Ulsan Free Economic Zone Authority | ||
Basic Plan Compatibility
Innovative growth of new industries and high value-added service industries (creating an innovative ecosystem)
- UFEZ has excellent conditions for nurturing new industries and high value-added service industries by nurturing excellent research institutes and experts in various fields and possessing possible educational institutions.
Promotion of New Industry and Service Industry
- The industry that the Ulsan Free Economic Zone mainly attracts is the hydrogen industry, which is consistent with the project to foster new industries and services in the second basic plan.
- The hydrogen industry sector is included in the five new industry sectors announced by the government, and the hydrogen-fueled car parts industry that the UFEZ mainly attracts is also included in the new industry sector.
Reorganization of Key Attraction Companies (interconnection between regional industries)
- Promoting regional innovation growth by linking with existing flagship industries to foster news industries
- Hydrogen Industry
- Ulsan has the highest by-product hydrogen production capacity in Korea and will be able to establish a comprehensive system to produce, store and transport hydrogen at the same time if hydrogen energy storage equipment parts factories are installed.
- Since Ulsan has a production plant for Hyundai Motors, it can create virtuous circulation to produce and consume completed hydrogen-fueled vehicles and their parts, thereby improving the connection between industries.
