Free Economic Zone Act Revised
The Incheon Port Authority (IPA) announced on Aug. 6 that it can now accelerate the Golden Harbor project in the Incheon Free Economic Zone as the Korean National Assembly has passed an amendment to the Special Act on the Designation and Management of Free Economic Zones or the Free Economic Zone Act for short, which was proposed to facilitate the development of an international ocean tourism complex called the Golden Harbor in Incheon.
The Free Economic Zone Act stipulates that if a developer receives approval on a project plan or changes in such a plan, it will be deemed to have received approval in accordance with 38 acts including the Port Act (Articles 9 and 10).
As the amendment was passed, the IPA can speed up the Golden Harbor development project. If it is designated as the promoter of the project and wins approval on its implementation plan under the Free Economic Zone Act, it does not need to undergo the same procedure under the Port Act.
The IPA plans to build a luxurious tour resort complex in Songdo that includes an international passenger terminal, an international cruise terminal, a world marine center, a shopping center, an urban entertainment center, a conference hotel and a luxury private resort.
The IPA plans to attract investment from Korean and foreign investors after completing the construction of infrastructure such as roads, water and sewage systems by September. “We can now attract investment in the Golden Harbor project, which was delayed due to dual law regulation,” said Nam Bong-hyun, IPA president. “We will develop Golden Harbor as the best marine tourism complex in the capital zone attracting enough investment.”