Paju City Launches 2.2 Trillion Won Peace Economy Special Zone Project... Seeks Private Sector Partners

Paju City Initiates Designation of Peace Economy Special Zone
Development Planned for 7.6 sq. km across Wollong and Munsan Areas
Preliminary Public Offering for Private Project Implementers Launched

Paju City in Gyeonggi Province, led by Mayor Son Baechan, has begun the search for potential private project implementers to establish a Peace Economy Special Zone that will encompass inter-Korean exchange and high-tech industries.

Paju City Announces Preliminary Public Offering for Private Project Operators for Designation as Peace Economy Special Zone. Provided by Paju City

On July 16, Paju City announced that, as the first step in pursuing the designation as a Peace Economy Special Zone, it will conduct a preliminary public offering for private project implementers until August 14.

This public offering is part of the procedures set forth by the “Act on Designation and Operation of Peace Economy Special Zones,” and aims to secure private entities interested in participating in the project before officially applying for special zone designation.

The project site covers approximately 7.6 square kilometers across the areas of Wollong-myeon, Paju-eup, and Munsan-eup. Paju City plans to identify private sector participants with the capacity to promote inter-Korean exchange and cooperation projects and reflect their involvement in future special zone development plans and the designation application.

Eligible applicants are businesses intending to establish operations within the Paju Peace Economy Special Zone and undertake cooperation projects under the Inter-Korean Exchange and Cooperation Act. Participation is limited to those whose most recent annual equity capital is at least 10 percent of the estimated project cost for each individual development district.

The Paju Peace Economy Special Zone will feature integrated development combining industry, tourism, and residential functions. The total project area is about 7.6 square kilometers, and for the efficient implementation of this large-scale development, Paju City is considering dividing it into six separate unit development districts.

The detailed proposal includes: ▲ a cultural and tourism district equipped with integrated resorts and sports facilities; ▲ industrial district (A) focusing on Kaesong Industrial Complex companies and the pharmaceutical industry; ▲ an inter-Korean logistics district serving as a key logistics hub for the northern inland region of the Seoul metropolitan area; ▲ industrial district (B) specializing in the artificial intelligence (AI) industry; ▲ industrial district (C) designed to foster the advanced food technology industry; ▲ and a complex district that combines apartment housing with climate technology industries.

The total estimated project cost is approximately 2.2 trillion won. However, specific development plans and total costs may be adjusted during the designation process for the Peace Economy Special Zone and according to private project implementers’ business plans.

Through this offering, Paju City aims to lay the foundation for private investment and secure the momentum needed for the Peace Economy Special Zone to emerge as a new growth hub in northern Gyeonggi Province.

Interested companies must submit their application for participation as a private project implementer, along with all relevant documents, in person to the Peace Economy Division of Paju City Hall by 6 p.m. on August 14.

Hwang Inbae, head of the Peace Economy Division, stated, “We hope that this preliminary public offering marks the starting point for defining the private sector’s role in designating and developing the Paju Peace Economy Special Zone. We will do our utmost to stimulate the local economy and establish a foundation for inter-Korean exchange through the establishment of the special zone.”

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