The Ulsan Free Economic Zone Authority (UFEZ) will leap forward as a new industrial hub centered on the hydrogen industry. The UFEZ held an official opening event at Ulsan City Hall on Jan. 14 and presented such a vision.
The UFEZ was designated as a free economic zone in June last year and has been in operation since January 1 this year after completing preparations for securing the quota and recruiting the head of the agency.
In a speech at the opening ceremony, Trade, Industry and Energy Minister Sung Yoon-mo said, "We hope Ulsan will play a central role in regional development and job creation by fostering the hydrogen industry as a future new industry through convergence with major industries such as automobiles, shipbuilding and petrochemicals."
The government plans to push for and support policies to generate results of the "Economic Free Zone Innovation Strategy 2.0," which was announced in October last year to make the free economic zone a hub for global new industries.
First of all, the government will select core strategic industries by free economic zone and expand incentives for domestic companies as well as foreign investment companies to sell land below the cost of creation, allow private contracts, and preferential rates of local investment subsidies.