Goyang to Cut Free Economic Zone Area from 2.93M to 600,000 Pyeong, Focus on Precision Medicine, K-Culture

Realign project scale to improve designation prospects and feasibility

Pursue designation application by year-end; target final designation in 2027

Link business attraction plan with Ilsan Techno Valley land sales

Build foundation for a self-sufficient city that attracts businesses

Goyang Special City in Gyeonggi Province will reduce the area of its Free Economic Zone project from 2.93 million pyeong to around 600,000 pyeong. Taking into account agricultural land-use restrictions and the financial burden of the project, the city plans to shrink its scope by about 79% and focus on precision medicine and the K-culture industry to improve its chances of designation and the feasibility of carrying out the project.

Goyang Mayor Min Kyung-sun (right) met with Kim Neung-sik, head of the Gyeonggi Free Economic Zone Authority, on August 31 to discuss plans to pursue designation of Goyang as a free economic zone. Photo provided by Goyang City.

Goyang City (Mayor Min Gyeongseon) said on Nov. 3 that it applied to the Ministry of Trade, Industry and Energy on Oct. 30 for the sixth preliminary expert consultation on designation as a Free Economic Zone. This is the first preliminary consultation since the launch of the ninth popularly elected administration. The city plans to incorporate the consultation's findings, complete administrative procedures including gathering residents' opinions, and submit its designation application through Gyeonggi Province by the end of this year.

The key change to the revised plan is a smaller project area. The city adjusted the area after reviewing land-use restrictions, including agricultural promotion zones; environmental and transportation conditions; infrastructure installation costs; and the availability of funding. The plan is to make active use of existing development areas and minimize the inclusion of new farmland.

Although the area has been reduced by about 79%, the city has improved the project's feasibility by making active use of existing development areas and minimizing the inclusion of new farmland. The city judged that focusing on areas with business demand and suitable infrastructure conditions, rather than maintaining a large area, would be more conducive to Free Economic Zone designation and subsequent project development.

The city has narrowed its strategic industries to precision medicine and K-culture. In precision medicine, it plans to link medical data and artificial intelligence technologies with medical and research institutions, including the National Cancer Center, to build an industrial ecosystem that spans research and development through commercialization.

For K-culture, the city will leverage the K-Culture Valley Arena, its broadcasting and video industry base, and KINTEX. Its goal is to build an industrial hub connecting content planning and production with performances, exhibitions, and distribution. In line with this plan, the city has also specified site locations and land-use plans by industry, infrastructure, its approach to attracting businesses, and its financing plan.

Since being selected in 2022 as a candidate site for an additional Free Economic Zone in Gyeonggi Province, Goyang City has revised its development plan through preliminary expert consultations and discussions with relevant organizations. After the fifth preliminary consultation in July, the city further refined the plan by reviewing feedback from relevant government ministries and analyzing development and operational cases from other Free Economic Zones.

The Free Economic Zone initiative will also be linked to the city's business attraction policy. Goyang is developing a basic plan to attract businesses based on an analysis of industrial conditions and business demand. On this basis, it plans to identify target industries and companies more specifically.

The city also plans to coordinate the initiative with Ilsan Techno Valley, which will begin actively marketing land for sale on Nov. 9, and provide locations suited to companies' stages of growth and the characteristics of their industries. It will also strengthen its support system, covering investment consultations, site selection, permits and approvals, and companies' settlement and growth after moving in.

After the Free Economic Zone designation application is submitted, relevant government ministries, including the Ministry of Land, Infrastructure and Transport, the Ministry of Environment, and the Ministry of Agriculture, Food and Rural Affairs, will be consulted, and the Ministry of Trade, Industry and Energy will conduct an evaluation. The final designation will be decided following deliberation and a vote by the Free Economic Zone Committee. Goyang City plans to pursue the relevant procedures with the goal of securing final designation in 2027.

“Through consultations and discussions with relevant organizations, we have focused on improving the project's practicality and its chances of designation,” Goyang Mayor Min Gyeongseon said. “By connecting the Free Economic Zone, Ilsan Techno Valley, and our business attraction policy into a single strategy, we will build Goyang into a self-sufficient city that attracts businesses and talent.”

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