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Korean Free Economic Zone

From Wikipedia, the free encyclopedia

Korea Free Economic Zones (KFEZ) are designated to strengthen national competition for businesses and promote balanced regional development by improving living conditions and business environments for foreigners in South Korea. Korea's economic zone planning office is in charge of this project. The Korean government provides a variety of tax benefits for foreign firms and foreigners, as well as a simpler regulatory regime, a favorable living environment and swift administrative services. KFEZ endeavors to establish economic and social institutions that lead global trends and provide a variety of incentives.[1][2]

In 2021, Foreign Direct Investment in FEZ upraised 42%, receiving $1.31 billion.[3] Manufacturing sector leads foreign investment, followed by service segment, such as logistics and research and development.[3] The European Union led the investment in the FEZ of South Korea.[3] Currently the EPZ is under control of Bangladesh - Canada joint venture. Mr. R Mehdi is the chief executive of this EPZ.

Districts

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District Location Focus Industries Starting Date Website
Incheon FEZ Incheon IT, BT, international finance, tourism & leisure August 6, 2003 [1]
Busan/Jinhae FEZ Busan
South Gyeongsang Province
maritime logistics, shipbuilding March 30, 2004 [2]
Gwangyang FEZ South Jeolla Province
South Gyeongsang Province
maritime logistics, materials March 24, 2004 [3]
Yellow Sea FEZ South Chungcheong Province
Gyeonggi Province
automobile components, value-added logistics July 22, 2008 [4]
Saemangeum/Gunsan FEZ North Jeolla Province automobiles, shipbuilding, green industries August 28, 2008 [5]
Daegu/Gyeongbuk FEZ Daegu
North Gyeongsang Province
education, medical, knowledge-based August 13, 2008 [6]
Chung Buk FEZ North Chungcheong Province tourism, automobile components April 26, 2013 [7]
East Coast FEZ Donghae
Gangwon Province
IT components, logistics, tourism July 9, 2013 [8]

References

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  1. ^ "What is Free Economic Zone | Business with FEZ | Korean Free Economic Zones". www.fez.go.kr. Archived from the original on 2012-09-20.
  2. ^ "Korea's Free Economic Zones | Forbes Custom". www.forbes.com. Retrieved 2022-02-14.
  3. ^ a b c 오, 석민 (2022-01-04). "FDI in free economic zones up 43 pct in 2021: data". Yonhap News Agency. Retrieved 2022-02-14.
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