On January 9, the Governor of Gyeonggi Province, Kim Moon-soo, and the Governor of South Chungcheong Province, Lee Wan-koo, met in Suwon City at the official residence of Governor Kim and agreed on the basic development direction of the Yellow Sea Free Economic Zone. Points covered in the agreement include the designated location of the zone office and the nomination of its first director. Governor Lee visited Governor Kim’s office immediately upon his return from Japan so as to facilitate prompt and effective development. The two agreed that the economic zone will be located in an area recommended by Governor Lee, while the first director would be selected based on Governor Kim’s recommendation.

The two governors also decided to form plans for the development of the zone, agreeing to open the zone office this July 1st. They also resolved to closely cooperate in establishing a promotion planning committee and to prepare thoroughly for the opening of the zone office.

In addition, they said they would work closely together to ensure that the economic zone is developed in an atmosphere of professionalism, independence and responsibility, and that they would create a coordination committee to resolve any differences in opinion between the two parties on relevant issues. The agreement is expected to solidify the cooperative relationship between the two provinces while creating a firm foundation for the future development of the zone.

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Details of the Agreement between Gyeonggi Province and South Chungcheong Province for the Promotion of the Yellow Sea Free Economic Zone.

For the mutual prosperity of our two provinces, Gyeonggi Province and South Chungcheong Province agree to closely cooperate with each other in the development of the Yellow Sea Free Economic Zone as an “attractive, dynamic and advanced free economic zone” that global companies will regard as an attractive investment destination.

1. For prompt conclusion of the development plan, the two provinces will closely cooperate in negotiating with other government agencies, including the Ministry of Agriculture & Forestry, the Ministry of Environment and the Ministry of Construction and & Transportation.

2. The first director of the office of the Yellow Sea free Economic Zone will be designated based on the recommendation of the Governor of Gyeonggi Province.

3. The location of the main office building of the Yellow Sea Free Economic Zone will be designated based on the recommendation by the Governor of South Chungcheong Province. Sites for the temporary office and the main office will be provided by the designated district, while the related costs, including construction costs, will be borne by both provinces.

4. Both provinces will closely cooperate in establishing the Yellow Sea Free Economic Zone administrative organization in a manner that ensures the professionalism, independence, and effectiveness of the zone.

5. Any difference in opinion between the two provinces will be discussed and resolved by the coordinating committee.

6. Both provinces will make active efforts to open the office of the Yellow Sea Free Economic Zone on July 1st.

Signed by the Governor of Gyeonggi Province, Kim Moon-soo,
and the Governor of South Chungcheong Province, Lee Wan-koo

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