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Korea to Establish "Regulation-Free" Zones

The government is taking its deregulatory mode to a new level by considering the establishment of “regulation-free” business zones to boost the economy and to develop other zones aside of Seoul and its surrounding areas. 

The “regulation free-zone” project aims to revitalize regional economies. Two or three focus industries in each of the 17 administrative regions will be selected and regulation-free zones will be set up to proliferate their respective business operations. 

Local administrations will be assigned to select the beneficiary industries next year, followed by the prime minister’s authorization of various tax cuts and subsidies through regional creative economy centers. A legal revision to allow the creation of regulation-free zones will kick off no later than 2016, which will benefit creative and integrated businesses such as “smart factories.”

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