The growth engine of '5 centers, 3 special zones' must be designed at a super-regional scale
Balanced regional growth across 5 centers and 3 special zones, and a reorganization of the industrial landscape, will establish growth engines for each region. See the future of regional industries at a glance, including fiscal, tax, and financial support.
After the June 3 local elections, the government has begun work to reorganize the industrial landscape in line with the regional balanced growth policy known as “5 megaregions, 3 special zones.” The Ministry of Trade, Industry and Energy plans to hold regional forums through the end of this month to review each region’s core industries and growth potential.
At a forum held in Gwangju on the 10th, Vice Minister Moon Shinhak of the Ministry of Trade, Industry and Energy said the government would create an industrial ecosystem that allows the 5 megaregions and 3 special zones to compete independently. The government plans to unveil support measures that bundle together finance, tax incentives, funding, manpower, technology, infrastructure, and regulatory exemptions after selecting growth engines for each region.
The Korea Institute for Industrial Economics and Trade pointed out that simply listing industries by province and city and providing dispersed support as before makes it difficult to respond to concentration in the Seoul metropolitan area and industrial restructuring. It proposed that design and operation at the megaregional level, improvement of transportation and residential conditions, and a shift in performance management standards are needed together.