Suwon Mayor Lee Jae-joon’s key initiative to establish the Seo-Suwon Economic Special Zone has successfully passed the first stage by being selected as a candidate for the Gyeonggi Free Economic Zone. Suwon City announced on the 15th that the Seo-Suwon area, including Tap-dong and Gokbanjeong, was finally selected during the “Application for Additional Free Economic Zone Designation” held by the Gyeonggi Free Economic Zone.
This outcome reflects Mayor Lee’s efforts to attract the free economic zone since his inauguration. The Seo-Suwon area included in the candidate zone is well-connected by transportation networks, such as the Sinbundang Line, GTX-C Line, and National Railway Line 1, as well as highways and is a hub for advanced industries with R&D Science Park and Tap-dong Innovation Valley.
Mayor Lee has consistently presented a blueprint for establishing an industrial district centered on semiconductors and bio-technology using these locational strengths. If designated as a free economic zone, various incentives, including reductions in tariffs, acquisition tax, and property tax, as well as the relaxation of regulations, are expected to attract businesses and create jobs.
According to the Korea Research Institute for Human Settlements, designating the Suwon Economic Free Zone could result in an economic production impact of 13.6 trillion won and create 89,000 jobs. With this selection of the economic free zone candidate, the city plans to accelerate the creation of a “Ring-shaped Advanced Science Innovation Cluster” by linking surrounding industrial facilities such as Buk-Suwon Techno Valley and Uman Techno Valley.
The city plans to establish a development plan by 2025, gather feedback from experts and citizens, and submit a formal designation application to the Ministry of Trade, Industry, and Energy by 2026. Mayor Lee stated, “The designation of the free economic zone is a key task for Suwon to leap forward as a city of advanced scientific research. We will thoroughly prepare for the evaluation by the Ministry to ensure designation.”