(1) Where land, etc. owned by the State, which fall under any of the following, are leased to a foreign-invested company that runs a business prescribed by Presidential Decree or land, etc., which fall under Article 18 (1) 1 to a repatriating enterprise in a non-Seoul metropolitan area that runs a business prescribed by Presidential Decree, the Minister of Economy and Finance or the head of a central government agency that manages state property may reduce or exempt the rent for the relevant land, etc. in consultation with the Minister of Trade, Industry and Energy, as prescribed by Presidential Decree, notwithstanding Article 38 of the Industrial Sites and Development Act: <Amended on Dec. 22, 2020>
1. Land, etc. located in a foreign investment zone under Article 18;
2. Land, etc. located in a national industrial complex under Article 6 of the Industrial Sites and Development Act (hereinafter referred to as "national industrial complex");
3. Land, etc. located in a general industrial complex, an urban high-tech industrial complex, or an agro-industrial complex under Article 7, 7-2, or 8 of the Industrial Sites and Development Act.
(2) Where land, etc. owned by the State are leased to the operator of establishments built to improve a foreign investment environment, the Minister of Economy and Finance or the head of a central government agency that manages state property may reduce or exempt the rent for the relevant land, etc. as prescribed by Presidential Decree, notwithstanding Articles 32 (1) and 47 of the State Property Act.
(3) Where land, etc. owned by a local government are leased to a foreign-invested company, etc., the head of the local government may reduce or exempt the rent for the relevant land, etc. as prescribed by Presidential Decree, notwithstanding Articles 22, 24, 32, and 34 of the Public Property and Commodity Management Act.
(4) Where land, etc. leased with the rent reduced or exempted under paragraphs (1) through (3) are located in an industrial complex under subparagraph 8 of Article 2 of the Industrial Sites and Development Act, the lease term may be set within a maximum of 50 years, notwithstanding Article 38 of that Act.
(5) The lease term referred to in paragraph (4) may be renewed. In such cases, the period of renewal shall not exceed the period specified in paragraph (4).[This Article Added on Feb. 4, 2020]