Rep. Shin Jeong-hoon's Proposed "Economic Free Zone Activation Act" Passes Industrial Patent Subcommittee

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] On the 11th, the National Assembly's Industry, Trade, Energy, Small and Medium Enterprises Committee held a subcommittee on industrial patents and announced that it merged and passed the "Special Act on the Designation and Operation of Economic Free Zones" (Economic Free Zone Activation Act), which was primarily proposed by Representative Shin Jeong-hoon (Democratic Party of Korea·Jeonnam Naju-Hwasun).

Until now, economic free zones have greatly contributed to the growth of domestic industries by activating foreign investment attraction. However, recently, due to rapid changes in the global trade order as well as domestic and international industrial and investment environments, concerns have been raised that the growth momentum has weakened compared to the past.

In response, Representative Shin Jeong-hoon primarily proposed the "Economic Free Zone Activation Act" last year, which focuses on attracting and fostering advanced industries, advanced technologies, and core strategic industries in economic free zones, establishing a systematic support system for resident companies and zone operations, and especially strengthening incentives centered on non-capital regions. He has been working for its passage in the National Assembly.

Representative Shin Jeong-hoon emphasized, "Although economic free zones have grown quantitatively in terms of the number of resident companies, they are facing challenges such as the strengthening trend of protectionism and competition among countries to attract new industries," adding, "It is essential to improve the system so that each economic free zone can specialize in fostering core strategic industries and provide systematic support."

He continued, "In particular, since detailed measures have been meticulously prepared to establish new industry forward bases centered on non-capital regions in Korea, I will do my best to ensure that it is promptly passed in the plenary session."

This content was produced with the assistance of AI translation services.