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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
edit| 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
edit- ^ "What is Free Economic Zone | Business with FEZ | Korean Free Economic Zones". www.fez.go.kr. Archived from the original on 2012-09-20.
- ^ "Korea's Free Economic Zones | Forbes Custom". www.forbes.com. Retrieved 2022-02-14.
- ^ 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.