Municipal mayors and provincial governors will have the authority to give permission to free economic zone (FEZ) development plans under a new government policy.
According to the Ministry of Knowledge Economy on July 28, the Cabinet approved a revision bill of the enforcement ordinance of the special law on the designation and operation of FEZs.
The revised regulations give such authority to municipal mayors and provincial governors. Under the new law, foreign investors will be allowed to obtain land lots for industrial and research facilities, and public facilities at low prices.
Under the new law, the mayors and governors can use discretion over whether to permit the operation of certain businesses or the set-up of certain facilities within their FEZ.
