Designated as urban convergence special zone in Busan, Daegu, Gwangju, Daejeon, and Ulsan

The government will designate urban convergence special zones in Busan, Daegu, Gwangju, Daejeon and Ulsan to promote local growth bases in the form of "Pangyo Techno Valley."

The Ministry of Land, Infrastructure and Transport said it has designated five metropolitan cities as urban convergence zones and approved the basic plan for the special zone after deliberation by the Urban Development Committee.

The Urban Convergence Special Zone is a wide-area growth hub project that aims to create a complex space of industry, housing and culture in the city center of local metropolitan cities and concentrate cross-ministerial corporate support projects to invest in companies and create jobs for young people.

First of all, Busan plans to develop the smart ship, robot, and intelligent machinery industries centering on the Centum 2 urban high-tech industrial complex in Banyeo-dong, Haeundae-gu.

Daegu has decided to establish a system for fostering and start-ups of key industries such as urban air transportation and high-tech robots, centering on the relocation site of the Gyeongbuk Provincial Government, Kyungpook National University, and Samsung Creative Campus, while Gwangju will accumulate high-tech industries such as artificial intelligence and mobility around the Sangmu district.

Daejeon will focus on fostering KTX Daejeon Station Station Station area to spread research and development industry linked to Daedeok R&D Special Zone, while Ulsan will use KTX Ulsan Station area and Ulsan Techno Park to foster mobility and secondary batteries.

Within the urban convergence special zone, high-density complex development will be induced by easing urban and construction regulations such as floor area ratios, and areas where companies are concentrated in the special zone will be designated as "special zones for opportunity development" to strengthen tax support.