Ministry of Trade, Industry and Energy

The Ministry of Trade, Industry and Energy (MOTIE) of the Republic of Korea announced today its further designation of six Opportunity and Development Zones (ODZs) following the initial designation of eight of these special zones this June (Daegu, Busan, Jeonnam, Gyeongbuk, Jeonbuk, Gyeongnam, Daejeon, Jeju), laying down the groundwork to usher in an era of new growth for noncapital regions across Korea.

Roughly 150 companies are planning to make investments amounting to KRW 16.4 trillion in the six new ODZs—Ulsan, Sejong, Gwangju, Chungnam, Chungbuk, and Gangwon—in addition to the previously poured ₩17.4, approaching ₩33.8 trillion in total investment.

The new ODZs have managed to attract diverse companies, with each ODZ specializing in industries suitable for the region’s conditions, including electric vehicles (EVs), secondary batteries, petrochemicals, information and communications technology (ICT), software, robotics, pharmaceuticals, car parts, AI datacenters, biopharmaceuticals, hydrogen, food products, defense, semiconductors, EV materials, battery modules, and minerals.

ODZ incentives have also induced some businesses to either turn back from their overseas investment schemes to domestic investments or relocate their facilities based in the Seoul capital area to noncapital parts.

With all 14 noncapital regions’ cities and provinces now designated as ODZs, the total investment in Korea’s noncapital regions amounts to ₩74.3 trillion. MOTIE plans to closely monitor investment issues to ensure the timely implementation of planned investments.