Gadeokdo, Busan Takes Step Forward to Establishing Free Economic Zone

Busan City is making moves to establish a free economic zone in the Gadeokdo Airport Complex. The city government has announced plans to launch the "Gadeokdo Airport Complex City Free Economic Zone Designation and Development Plan Establishment Service" next month, with an estimated cost of 26 billion won.

The aim of the service is to create a comprehensive city with functions such as residential, commercial, tourism, international logistics, and renewable energy by 2030. The designation of a free economic zone is seen as crucial for attracting domestic and foreign investment capital and technology, as well as improving the business environment for companies.

The first phase of the service, which will be carried out by a yet-to-be-selected service company, will focus on creating a basic plan for the designation of the economic free zone. This phase is expected to cost 10 billion won and will include various assessments such as project site reclamation plans and environmental and traffic impact assessments. The service period is expected to last until next year.

If successful in its bid, the Gadeokdo Airport Complex will receive state support and tax benefits, making it a more attractive destination for domestic and foreign companies. This move follows the example of airport cities such as Songdo, which has seen an increase in the number of companies after being designated as a free economic zone.

Busan City is confident in the success of its efforts and plans to consult with the government after the service is complete. The move to establish a free economic zone in the Gadeokdo Airport Complex is a promising step towards a more dynamic and prosperous future for the city and its residents.