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.
In 2021, Foreign Direct Investment in FEZ upraised 42%, receiving $1.31 billion. Manufacturing sector leads foreign investment, followed by service segment, such as logistics and research and development. The European Union led the investment in the FEZ of South Korea.
Districts
District Location Focus Industries Starting Date Website Incheon FEZ Incheon IT, BT, international finance, tourism & leisure August 6, 2003 Busan/Jinhae FEZ Busan South Gyeongsang Province maritime logistics, shipbuilding March 30, 2004 Gwangyang FEZ South Jeolla Province South Gyeongsang Province maritime logistics, materials March 24, 2004 Yellow Sea FEZ South Chungcheong Province Gyeonggi Province automobile components, value-added logistics July 22, 2008 Saemangeum/Gunsan FEZ North Jeolla Province automobiles, shipbuilding, green industries August 28, 2008 Daegu/Gyeongbuk FEZ Daegu North Gyeongsang Province education, medical, knowledge-based August 13, 2008 Chung Buk FEZ North Chungcheong Province tourism, automobile components April 26, 2013 East Coast FEZ Donghae Gangwon Province IT components, logistics, tourism July 9, 2013
References
External links Korean Free Economic Zone