Ulsan is designated as one of Korea’s Free Economic Zones, specialized for the hydrogen industry. MOTIE expects the city will attract over KRW 5.5 trillion of investments by 2030. Foreign-invested companies in the zone can benefit from tax exemption and a variety of deregulations.
MOTIE also said that it crafted a supplementary revised budget bill worth over KRW 1.1 trillion to prepare the post-corona era. KRW 478 billion is allocated for 16 programs of the Korean New Deal, including smart meter installation (KRW 35.3 billion), PV financing for industrial complex (KRW 200 billion), and community-owned renewable projects (KRW 36.5 billion).