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

DistrictLocationFocus IndustriesStarting DateWebsite
Incheon FEZ IncheonIT, BT, international finance, tourism & leisureAugust 6, 2003
Busan/Jinhae FEZ Busan
Gyeongsangnam-do		maritime logistics, shipbuildingMarch 30, 2004
Gwangyang FEZ Jeollanam-do
Gyeongsangnam-do		maritime logistics, materialsMarch 24, 2004
Yellow Sea FEZ Chungcheongnam-do
Gyeonggi-do		automobile components, value-added logisticsJuly 22, 2008
Saemangeum/Gunsan FEZ Jeollabuk-doautomobiles, shipbuilding, green industriesAugust 28, 2008
Daegu/Gyeongbuk FEZ Daegu
Gyeongsangbuk-do		education, medical, knowledge-basedAugust 13, 2008
Chung Buk FEZ Chungcheongbuk-dotourism, automobile componentsApril 26, 2013
East Coast FEZ Donghae
Gangwon-do		IT components, logistics, tourismJuly 9, 2013

References

  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. 1 2 3 오석민 (2022-01-04). "FDI in free economic zones up 43 pct in 2021: data". Yonhap News Agency. Retrieved 2022-02-14.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.