Business community: “Super-regional special zones need swift legislation” ... calls for expanded regulatory exemptions

[Financial News] The business community welcomed the government's regulatory rationalization measures, including the introduction of super-regional special zones, and called for swift legislation. It also called for expanded regulatory exemptions and the codification of support programs to promote regional investment.
The Korea Chamber of Commerce and Industry (KCCI) said on the 23rd, “The success of super-regional special zones in breaking the vicious cycle of concentration in the Seoul metropolitan area and regional decline ultimately depends on whether businesses and talent can come together and an industrial ecosystem can take root,” expressing hope that the system would be institutionalized.
At a plenary meeting of the Regulatory Rationalization Committee held that day and chaired by President Lee Jae-myung, the government decided to pursue legislation aimed at designating one super-regional special zone in each region nationwide by the first half of next year.
Super-regional special zones are a system for fostering advanced industries by bringing multiple local governments together into a single broader economic region. Under the system, local governments and businesses draw up plans for a special zone, and the government seeks to shorten permitting procedures and provide fiscal, financial and tax support, among other measures.
The Korea Employers Federation (KEF) also welcomed the government's regulatory rationalization measures, including special working-hour exemptions for high-income research and development (R&D) personnel, the introduction of a fast-track permitting process for semiconductors, and the establishment of infrastructure for robot testing and commercialization.
The KEF called for broad regulatory exemptions and support programs to be enshrined in law during future National Assembly deliberations on legislation, including the Super-Regional Special Zones Bill.
The Federation of Korean Industries (FKI) also said, “The business community, too, will maintain smooth communication with the government and work together to promote regional investment.”

[email protected] Kim Mi-hee Reporter