The government has unveiled a 10-year roadmap for the regional "urban convergence special zones" policy.
The Ministry of Land, Infrastructure and Transport said on the 25th that it established and announced the "first comprehensive development plan for urban convergence special zones." This plan is the first mid- to long-term comprehensive plan prepared since the enforcement of the Urban Convergence Special Zone Act.
With the core goal of creating innovative spaces favored by young people and corporations, the comprehensive development plan focuses on building job hubs that combine an integrated living environment of industry, housing, and culture with access to everyday infrastructure such as education and medical services. By leveraging existing urban asset, it will create spaces where people can work, live, and enjoy within walkable areas, and it also plans to expand everyday infrastructure such as specialized schools and hospitals, and facilities like swimming pools and libraries.
Criteria have also been prepared to newly designate urban convergence special zones in large regional cities outside the capital region with populations of 500,000 or more.
The central government plans to expand tax and regulatory benefits through overlapping designations with the opportunity development special zone, the research and development special zone, and the global innovation special zone, and to concentrate cross-ministerial support programs for corporations. For core projects, it will pursue expedited preliminary feasibility studies and ease floor area ratio and building coverage ratio limits.
Local governments plan to encourage private-sector participation in special-zone projects through tax and levy reductions and long-term leases of public land.