(1) A foreign investment zone designated within a national industrial complex from among industrial complexes shall be managed by the management agency of the relevant national industrial complex; a foreign investment zone designated within an industrial complex other than a national industrial complex shall be managed by the competent Mayor/Do Governor; and a foreign investment zone designated within an area other than an industrial complex shall be developed and managed by the competent Mayor/Do Governor.
(2) Where the development of a new site is necessary to build factories, etc. in an area designated as a foreign investment zone, the foreign investment zone may be developed into a general industrial complex or an urban high-tech industrial complex.
(3) Where a foreign investment zone is developed into a general industrial complex or an urban high-tech industrial complex pursuant to paragraph (2), the foreign investment zone referred to in Article 18 (1) or (2) shall be deemed to be designated as a general industrial complex or an urban high-tech industrial complex. In such cases, a development plan under the latter part, with the exception of the subparagraphs, of Article 18 (1) shall be deemed a development plan under Article 7 (2) or 7-2 (4) of the Industrial Sites and Development Act, and a public notice under Article 18 (4) shall be deemed a public notice under Article 7-4 of the Industrial Sites and Development Act.
(4) Where there is any designation or public notice under Article 18 (1) through (4) in developing a foreign investment zone into a general industrial complex or an urban high-tech industrial complex pursuant to paragraph (2), "industrial complex" referred to in Article 12 (1) of the Industrial Sites and Development Act shall be construed as "foreign investment zone", and "when an industrial complex ... is designated or publicly notified" in Article 22 (2) of that Act shall be construed as "when a foreign investment zone is designed or publicly notified".
(5) Matters necessary for development and management under paragraph (1), including the conclusion and termination of occupancy contracts, shall be prescribed by Presidential Decree.[This Article Added on Feb. 4, 2020]