Goyang Special City to reduce Economic Free Zone area to 600,000 pyeong

Goyang Special City is planning to significantly reduce the proposed area for its Economic Free Zone to approximately 600,000 pyeong. This marks a major downsizing from previous proposals, which had reached as high as 15.94 million pyeong.

During a recent Goyang City Council session, Mayor Min Kyung-sun explained that the reduction was driven by the negative views of relevant government ministries and the lack of financial feasibility. Developing the larger scale would have required approximately 7.3 trillion won, a figure the city could not realistically secure. In contrast, the 600,000-pyeong plan is estimated to require about 1.3 trillion won.

The city intends to pursue a phased development strategy rather than a single large-scale project. The first phase will focus on fostering two strategic industries: precision medicine and K-culture. The goal is to use the success of this initial stage as a bridgehead to expand the zone in subsequent phases by attracting companies and creating jobs.