On the 22nd, the Ministry of Small and Medium Enterprises and Startups held a meeting of the "Regulatory Free Zone Regulatory Exemption Review Committee" regarding the applications for designation of global innovation zones and regulatory free zones submitted by nine metropolitan local governments, noting that it reviewed the appropriateness of the designation.
The review committee is a body that conducts preliminary reviews of the agenda items submitted to the Regulatory Free Zone Committee.
First, the review committee examined three plans for "Global Innovation Zones." Global innovation zones are designated to primarily support overseas expansion of corporations engaged in regional strategic industries. When domestic verification is difficult due to high regulatory levels in the country, when the main goal is to enter overseas markets, or when there is a lack of infrastructure such as research personnel, these zones are designated and operated as global innovation zones.
Next, it reviewed the "Regulatory Free Zones." Based on the results of the review by the subcommittee and the presidential committee on the era of local autonomy for the seven applications for regulatory zone designation submitted by local governments, the appropriateness of the designation was reviewed. If regional characteristics, innovation, business feasibility, and the necessity of regulatory exemptions are all recognized, it plans to present the designation decision to the Regulatory Free Zone Committee.
Meanwhile, at this review committee, in addition to the new designation proposal for the 2025 global innovation regulatory free zones and regulatory free zones, reviews were conducted on significant changes to already designated zones and the progress of follow-up measures for zones whose designation periods have expired.
Minister Oh Youngju noted, "I hope that through the global innovation zones, on-site verification suited to the regulatory environment of target countries for overseas expansion will be conducted, and that by acquiring advanced technology, the foundation for cultivating regional strategic industries will be laid." She added, "We aim for the regulatory free zones to become a useful policy tool that drives overseas expansion and scale-up of our corporations, leading to innovative growth."