Changwon, South Korea – Gyeongnam Province has secured the designation of two special economic zones, marking a significant turning point in its efforts to revitalize the southern coastal tourism industry and foster the development of a hydrogen-based future mobility sector.
The province announced on December 26 that two areas, totaling 2.81 million square meters, have been designated as special economic zones: one focused on tourism in Tongyeong and the other on future mobility in Changwon.
Six leading companies will invest approximately 4.5 trillion won in these zones, with projects planned for areas such as Dosan-myeon in Tongyeong and the Changwon National Industrial Complex.
The Tongyeong tourism zone, the first of its kind in South Korea, will encompass 2.22 million square meters and feature a comprehensive marine tourism complex in Beomseong-ri and Suwol-ri. Hanwha Hotel & Resort plans to develop a complex by 2037, including:
Eco-friendly community zone: Featuring a UAM (Urban Air Mobility) terminal, artificial beach, and oyster farming experiences.
Cultural and arts zone: Hosting a Tongyeong music and arts school and a large performance hall.
New industry business zone: Comprising coworking offices and a medical wellness tourism zone.
The Changwon future mobility zone, spanning approximately 590,000 square meters within the Changwon National Industrial Complex, will be developed by companies such as RomanSys, Bumhan Fuel Cell, Bumhan Auto, and Samhyeon. They plan to invest 694.8 billion won by 2028 to establish a hub for hydrogen-based future mobility, producing hydrogen trams, electric buses, and other vehicles.
Gyeongnam Province has been actively pursuing the designation of special economic zones to attract large-scale investments and promote regional balanced development. The province had previously secured the designation for the Gosung Yangchon and Yongjeong General Industrial Complex in June.
To facilitate the development of the Tongyeong tourism zone, the province has requested the central government to enact a special law that would provide regulatory exemptions and support for special economic zones. This request was made during the 8th Central-Local Government Cooperation Council in November.
Moreover, the inclusion of the Tongyeong complex development project in the government's "Investment Activation Plan for Businesses and Regions" announced on November 18 has given further momentum to the special economic zone initiative.
Gyeongnam Province plans to create jobs and attract talent by linking special economic zones with education development zones and global universities. Additionally, the province will support the development of residential and educational environments.
The province aims to attract investments in sectors such as aerospace, nanotechnology, and secondary batteries to the remaining 2.21 million square meters of designable land within the special economic zones, further stimulating the regional economy.
Gyeongnam Province will continue to advocate for the swift enactment of the "Special Act on Promoting Balanced Regional Investment," which includes regulatory exemptions for special economic zones. The province will also monitor the implementation of investments in existing special economic zones and address any challenges.
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