(1) The Mayors/Do Governors may designate each of the following zones as a foreign investment zone (hereinafter referred to as "foreign investment zone") following deliberation thereon by the Foreign Investment Committee. In such cases, where a foreign investment zone referred to in subparagraph 2 is to be developed into a general industrial complex or an urban high-tech industrial complex designated under Article 7 or 7-2 of the Industrial Sites and Development Act, a development plan shall be established in advance: <Amended on Apr. 5, 2010; Jan. 26, 2012; Dec. 22, 2020>
1. A zone designated to lease to foreign-invested companies or repatriating enterprises in a non-Seoul Metropolitan area or to exclusively transfer to foreign-invested companies among national industrial complexes designated under Article 6 of the Industrial Sites and Development Act and general industrial complexes designated under Article 7 of that Act;
2. A zone in which any foreign investor intends to make a foreign investment meeting the standards prescribed by Presidential Decree;
3. An exclusive zone designated to lease or transfer land therein to foreign-invested companies that carry out research and development, among areas prescribed by Presidential Decree (including buildings in such areas; hereafter in this subparagraph the same shall apply), such as special research and development zones under subparagraph 1 of Article 2 of the Special Act on Promotion of Special Research and Development Zones;
4. A zone (including buildings) designated after consultation with the head of a relevant central administrative agency to lease or transfer land therein to foreign-invested companies running a service business of high added value, such as finance, and prescribed by Presidential Decree. In such cases, if deemed necessary for attracting foreign investment, a portion not exceeding the percentage prescribed by Presidential Decree of the total area designated (referring to the sum of floor space of each floor in cases of buildings) may be lent or transferred to companies that carry out the same business as foreign-invested companies.
(2) Where two or more foreign investors intend to obtain the designation of a zone referred to in paragraph (1) 2 as a foreign investment zone pursuant to the former part, with the exception of the subparagraphs, of paragraph (1) from the relevant Mayor/Do Governor, the business classification, the zone, etc. in which such foreign investors intend to make an investment shall satisfy the standards prescribed by Presidential Decree.
(3) When a Mayor/Do Governor intends to designate the zones referred to in paragraph (1) 1 through 4 as foreign investment zones pursuant to the former part, with the exception of the subparagraphs, of paragraph (1), he or she shall establish a designation plan including the following matters and submit it to the Minister of Trade, Industry and Energy: <Added on Apr. 5, 2010; Mar. 23, 2013>
1. Purpose, name, location, and scope of a foreign investment zone;
2. Type of business to move into a foreign investment zone and qualifications of companies to move into such zone;
3. Costs and effects that come after the designation of a foreign investment zone;
4. Methods of development and management of a foreign investment zone;
5. Implementation method and period of the project to construct a foreign investment zone;
6. Matters prescribed by Presidential Decree based on the characteristics of each region, such as land utilization and prevention of overpopulation.
(4) Where a Mayor/Do Governor designates a foreign investment zone pursuant to paragraphs (1) and (2), he or she shall provide a public notice of the following matters: <Amended on Apr. 5, 2010; Dec. 22, 2020>
1. Official title, location, and area of the foreign investment zone;
2. Methods of development or management;
3. Matters to be publicly notified under Article 7-4 of the Industrial Sites and Development Act (limited to where the relevant foreign investment zone is to be developed into a general industrial complex or urban high-tech complex);
4. Details of investment, scale of employment and details of businesses of foreign-invested companies and repatriating enterprises in a non-Seoul Metropolitan area to move into the foreign investment zone;
5. Other matters specified by Presidential Decree.
(5) Where a Mayor/Do Governor intends to amend any matter publicly notified pursuant to paragraph (4), he or she shall submit such matter to the Foreign Investment Committee for deliberation; provided, this shall not apply to insignificant amendment prescribed by Presidential Decree. <Amended on Apr. 5, 2010; Feb. 4, 2020>
(6) Matters necessary for the procedures for, and methods of, the designation of foreign investment zones shall be prescribed by Presidential Decree. <Amended on Apr. 5, 2010; Feb. 4, 2020>[This Article Wholly Amended on Jan. 30, 2009][Title Amended on Feb. 4, 2020]