The government will significantly loosen strict agriculture land regulations to encourage investment in the 'agricultural industry.' It will allow the installation of facilities such as vertical farms without going through complicated agricultural land conversion procedures and will designate 'Self-Regulatory Innovation Zones' in rural areas to ease regulations related to ownership, leasing, and utilization.
At the same time, the government plans to quickly implement administrative procedures within the first quarter to ensure that investment projects in certain regions, including Taean, Sinan, and Geoje, proceed rapidly.
On the 25th, the relevant ministries revealed the 'Regional Investment Activation Plan,' which is based on this content, during the national policy coordination meeting chaired by Acting President Choi Sang-mok, who is also the Minister of Strategy and Finance.
The government aims to help revive the sluggish regional investment through two main pillars: improving location regulations and resolving investment difficulties.
Read more at Chosun Biz