President Yoon Suk Yeol of South Korea presided over the Local Era Committee to designate special zones for corporate tax reduction and opportunity development in 8 cities and 20 provinces. These special zones offer exceptional tax benefits, including a 100% reduction in income and corporate taxes for five years, aiming to attract new investments. Various zones focusing on industries like secondary batteries, semiconductors, and hydrogen production were designated, with an expected total investment of 40.5 trillion won. The government plans to expand tax incentives for companies moving to these special zones and introduce further incentives like family business inheritance deductions. President Yoon presented a vision to transform North Gyeongsang Province into a hub for the hydrogen industry, supporting the creation of an 800 billion won hydrogen economy industrial belt on the east coast. The Ministry of Trade, Industry and Energy will establish a growth fund for the small module reactor (SMR) industry to support Gyeongbuk's growth in this sector.