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Korea Customs Service completes amendment of export support notice…Aircraft modification business also to be full-fledged
The Korea Customs Service announced that R&D centers in high-tech industries are expected to generate an annual economic effect of over 1 trillion won by utilizing foreign raw materials duty-free without import customs clearance procedures.
The Korea Customs Service announced on the 29th that it has completed the amendment of 12 related notices as part of the regulatory innovation tasks under the 'Export PLUS+ Strategy'.
With this revision, research institutes in fields such as artificial intelligence (AI), semiconductors, and bio-tech can now be designated as bonded factories, allowing them to use foreign raw materials immediately. This expands the scope of application, which was previously limited to manufacturing and processing facilities, to include the research and development stage. The Korea Customs Service projects an economic effect of over 1.4 trillion won annually as a result.
In the aircraft maintenance, repair, and overhaul (MRO) sector, where regulatory improvements such as simplified procedures for bringing in aircraft parts have been made, actual business attraction results have been observed.
According to the Korea Customs Service, a Boeing B777 passenger aircraft will be brought in for the first time in Korea early next month, and conversion work into a cargo aircraft will begin. The Korea Customs Service explained that this is expected to generate an annual production inducement effect of 1 trillion won and create 5,000 jobs in related industries in the future.
Meanwhile, the Korea Customs Service also announced measures to protect the domestic steel industry on the same day.
To prevent the indirect import of dumped steel through bonded factories, the imposition of anti-dumping duties will be made a patent condition, and the patent period will be limited to one year to strengthen management and supervision.
Commissioner Lee Myung-goo of the Korea Customs Service stated, "We will proactively identify difficulties in export sites and reflect them in policy."
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