Korean Free Economic Zone
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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]
Districts[]
| District | Location | Focus Industries | Starting Date | Website |
|---|---|---|---|---|
| Incheon FEZ | Incheon | IT, BT, international finance, tourism & leisure | August 6, 2003 | [1] |
| Busan/Jinhae FEZ | Busan Gyeongsangnam-do |
maritime logistics, shipbuilding | March 30, 2004 | [2] |
| Gwangyang FEZ | Jeollanam-do Gyeongsangnam-do |
maritime logistics, materials | March 24, 2004 | [3] |
| Yellow Sea FEZ | Chungcheongnam-do Gyeonggi-do |
automobile components, value-added logistics | July 22, 2008 | [4] |
| Saemangeum/Gunsan FEZ | Jeollabuk-do | automobiles, shipbuilding, green industries | August 28, 2008 | [5] |
| Daegu/Gyeongbuk FEZ | Daegu Gyeongsangbuk-do |
education, medical, knowledge-based | August 13, 2008 | [6] |
| Chung Buk FEZ | Chungcheongbuk-do | tourism, automobile components | April 26, 2013 | [7] |
| East Coast FEZ | Donghae Gangwon-do |
IT components, logistics, tourism | July 9, 2013 | [8] |
References[]
- ^ http://www.fez.go.kr/en/what-is-free-economic-zone.jsp/[dead link]
- ^ "Korea's Free Economic Zones | Forbes Custom". www.forbes.com. Retrieved 2022-02-14.
- ^ a b c 오석민 (2022-01-04). "FDI in free economic zones up 43 pct in 2021: data". Yonhap News Agency. Retrieved 2022-02-14.
External links[]
- Korean Free Economic Zones