GANGNEUNG CITY ENG - 솔향강릉

- Focusing on the development of natural products, bio and new material industries, centered on the national industrial complex candidate site in Gujeong-myeon -​

  Gangneung is accelerating the preparation for its designation as a high-tech industrial special opportunity development zone, with a specific focus on natural products, biotechnology, and new materials. This initiative will be closely linked to the Okgye General Industrial Complex, situated in the Gujeong-myeon area, which has been identified as a potential site for the Natural Products Bio National Industrial Complex.

     In September of this year, Gangneung submitted a demand survey for the Special Opportunity Development Zone to the Gangwon Special Self-Governing Province and, on the 11th (Wednesday), the city successfully completed an on-site due diligence consultation hosted by Gangwon Techno Park.

     ​ Based on the consulting results, the city will formulate a comprehensive and innovative strategy, channeling its administrative efforts towards expediting the establishment of the Natural Products Bio National Industrial Complex by obtaining the status of a Special Opportunity Development Zone.

  Building on the strategy development service in early November, Gangneung is committed to creating a distinctive strategy aligned with the special opportunity development zone designation process. This process is scheduled to launch in the first half of the upcoming year, in accordance with the 'Special Act on Local Autonomy Decentralization and Balanced Regional Development’.

     ​Gangneung has conceived a comprehensive and multifaceted industrial complex that harmoniously blends the natural bio and new material industries with elements of housing, living, education, culture, and leisure. The city’s objective is not only to secure designation as a special opportunity development zone but also to proactively utilize it to promote key municipal tasks in the future.

     ​Specifically, Gangneung will craft a comprehensive strategy to enable industrial complex members to serve as catalysts, fostering collaboration with the research and development special zone, the corporate innovation park, and the government's four major special zones, including the free education zone and the special cultural zone, which are high on the priority list for ushering in the local era.

  The Special Opportunity Development Zone is a region that offers a comprehensive package of tax incentives, financial support, special regulations, and enhanced settlement conditions to attract substantial investments, thus promoting balanced local development.

     ​Once granted special zone designation, Gangneung will become eligible for tax benefits, including income and corporate tax reductions, as well as exemptions from acquisition and property taxes, development charges, and inheritance taxes. Additionally, the city can access various financial support mechanisms, such as the expansion of the regional development special account, the opportunity development special zone fund, low-interest financing options, and local investment promotion subsidies.

     ​ The inclusion of the special opportunity development zone among the candidates for the Natural Products Bio National Industrial Complex and general industrial complexes is anticipated to boost private investments significantly, attract businesses, and expedite the revitalization of the local economy through industrial restructuring.

  Kim Heung-yeol, the head of the port logistics department, stated, "With the government implementing a range of policies aimed at achieving balanced regional development, we are committed to formulating a robust strategy to secure special opportunity development zone status." He added, "By establishing a substantial industrial complex with a primary focus on the primary and tertiary industries, our objective is to markedly restructure the uneven regional industrial landscape, reinvigorate regional vitality, and enhance our competitiveness as a representative city in the Yeongdong region of Gangwon State.”