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 ▲resolving investment difficulties.
First, the government has decided to improve strict agriculture land regulations. To revitalize rural areas, the government will introduce a 'Self-Regulatory Innovation Zone' system exclusive to rural areas and select 10 locations by 2026. It will significantly relax regulations, such as allowing immediate leasing after acquiring agricultural land within these zones and fully delegating the authority for land conversion to local governments, while providing tax incentives to attract corporations and investors.
Even without going through the complicated conversion procedures for agricultural land, the installation of facilities related to agricultural production and auxiliary facilities will be made possible. This means that facilities for agricultural production, such as vertical farms, which had been difficult to install previously, as well as parking lots and restrooms for agricultural work, will be freely created.
The scope of agriculture will also be broadened to encompass not only crop production and livestock farming but also distribution, processing industries, input material industries, and rural service industries. The criteria for designating agricultural promotion areas will also be improved to include various forms of agriculture beyond the existing designation focused on 'paddy fields.'
The government also plans to relax greenbelt (GB) regulations as part of improving location regulations. In cases where national and regional strategic projects are pursued, the necessary greenbelt release area will be excluded from the total amount that local governments can release. However, specific details are expected to be finalized during the Cabinet meeting that morning.
The government will also contribute to resolving regional investment difficulties. Plans will be established to complete the review, examination, and evaluation process for three projects, including the privately funded expressway from Taean to Anseong, off-shore wind farm complex in Sinan, and tourism complex in Geoje, by March.
The government said, 'To resolve regional investment difficulties, we will activate a multi-ministerial investment support system and actively operate high-level cooperation channels between central and local governments.' It added, 'Through this, we will prepare the 4th investment activation measures in the future.'