To Redevelop Aging Urban Logistics Facilities, Korea Introduces New System For Developing Urban High-Tech Logistics Complexes

On June 30, 2016, certain amendments to the Act on Development and Management of Logistics Complexes (the "Act"), and the enforcement decrees and regulations (collectively, the "Amendments") came into effect. These Amendments aim to redevelop aging logistics facilities located in cities throughout Korea for the development of high-tech, mixed-use complexes for logistics and distribution.

Key Aspects:

The Amendments include, among others, the following:

1.Changes to Existing Regulatory Scheme to Allow Installation of Facilities Related to Distribution/Logistics/High-tech Industries in Logistics Complexes

Under the Amendments, existing logistics complexes are re-classified as "general logistics complexes," and urban high-tech logistics complexes are newly introduced.