Free Economic Zone(FEZ)

A Free Economic Zone (FEZ) is an area specially designated to provide companies with an optimal environment to engage in global business activities.
- A cluster of global companies is formed by providing advanced socio-economic systems and diverse incentives.
- World-class cities are built through development of cutting-edge airports, ports and office facilities as well as high quality schools, hospitals and tourist facilities.

Portrait of future FEZs

• Epicenter of Northeast Asian network
  - FEZs will offer a venue for win-win development in Northeast Asia where people, information and technology converge. They will provide an optimal business environment based on policies of global standards, multicultural and multinational communities, and an innovative and pleasant living environment.
• Logistics hub of Northeast Asia
  - FEZs will emerge as the logistics center of Northeast Asia by capitalizing on Korea's geographical position and first-rate airports, ports, TSR and TCR.
• Hub of value-added service industries
  - FEZs will provide an optimal business and living environment to rise as the center of business support services such as international finance, legal service, accounting, information systems and strategic consulting, as well as home to headquarters of multinational corporations. They will also boast premier education, medical, shopping, tourism and leisure services.
• Hub of cutting-edge industries
  - FEZs will develop into the R&D and manufacturing center of cutting edge technologies and knowledge-based industries such as IT, BT, NT and CT by utilizing Korea's advanced technology and production capabilities. They will offer a pleasant living environment to attract the best people.

IFEZ(Incheon Free Economic zone)

¢´?Designated : August 11, 2003
¢´?Area : Total 209¡×¢¥ 3 times the size of Manhattan; 70 times the size of Yeouido
¢´?Estimated population size and infrastructure allocation : 512,000 people/ 21,450,000,000,000 won.
¢´?Period of operation : 2003 ~ 2020 (First phase: Completed in 2009, reclamation and infrastructure construction costs: 41 trillion won)
¢´?Development course : Songdo (business IT·BT), Yeongjong (logistics, tourism), Cheongna(business/finance, tourism and leisure, advanced industry)
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As one of the central focuses of the Korean government¢®?s ¢®?Northeast Asia Economic Centralization Strategy¢®?, the Incheon Free Economic Zone (IFEZ) was first nationally designated in August, 2003, and includes Incheon International Airport, Incheon Port, Songdo, Yeongjeong, and Cheongna areas, for a total area of 209¡×¢¥.

The city of Incheon holds both strategic geographic and economic positions, acting as a gateway to Seoul and the capital area, a point of departure in the west coast region, and a pillar of economic and industrial development with a large-scale back market of up to 23,000 people. The Incheon Free Economic Zone is only 8km from Inchon center city, 20 km from central Seoul, is adjacent to Incheon port, and only 60 to 90 minutes distance from various major cities of the capital area.

BJFEZ(Busan Jinhae Free Economic Zone)

¢´?The BJFEZ covers 83.1¡×¢¥ with a population of 243,000 by 2020. This zone is divided into 5 areas and 21 districts
- New Port, International Business Town (Myeongji), High-tech & Manufacturing Area(Jisa), Mechatronics, Education & Research Area (Dudong) and Tourism & Leisure Area (Ungdong)
- which will be developed in three stages by the year 2020.
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With an 8 million strong consumer market, the Busan-Jinhae FEZ is located at the heart of Korea's Southeastern Industrial Belt. This area has played a significant role in Korea's economic growth over the past 40 years.

The BJFEZ is a port and logistics hub that will become an envrionmentally-friendly Northeast Asian logistics and business center. This 83.1km² project is aimed at meeting the specific needs of five smaller localitites-New Port, International Business Town(Myeongji), High-tech &Manufacturing Area(Jisa), Mechatronics, Education & Resaerch Area(Dudong) and Tourism & Leisure Area(Ungdong) - with more than half the area reserved for parks and other green zones, making it an ideal environment for foreign investors and their families.

GFEZ(Gwangyang Bay Free Economic Zone)

The Gwangyang Bay Area has been designated as a free economic zone to be developed as business hub as a response to the rapid growth of the Northeast Asian market. Over of 85.72¡×¢¥ land in the areas of Yeosu, Suncheon, and Gwangyang in Jeollanam-do, and Hadong in Gyeongsangnam-do will be developed into leading business and dwelling districts: Gwangyang, Yulchon, Sindeok, Hwayang, and Hadong.
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GFEZ is the best logistics location in Northeast Asia due to its close proximity to the major ports in the region, its inexpensive port costs, and its future multimodal connections into China.

YESFEZ(Yellow Sea Free Economic Zone)

¢´?Area: 55.05km²
- Chungnam Province 29.60km²
- Gyeong-gi Province 25.45km²
¢´?Location
- Chungnam - Dangjin, Asan and Seosan
- Gyeong-gi Pyeongtaek and Hwasung
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Five districts (55km2 total area)
- Songak (Green Industrial Park), Poseung (valued-added logistics), Inju (electronics and IT), Hyangnam (bioindustry), Jigok (automotive industry) Attractive features
- Close proximity to China
- Well-developed industrial infrastructure
- Excellent R&D infrastructure and human resources
- Logistics centers within Pyeongtaek-Dangjin Port
Investment opportunities
- High-tech manufacturing industries
- Renewable and alternative energy
- Value-added logistics
- Information technology/bioindustry

DGFEZ(Daegu/Gyeongbuk Free Economic Zone)

¢´?Project period : 2008~2020
¢´?Size : 11 districts encompassing 39.54km2(7 for knowledge-based service
¢´?industries and 4 for knowledge-based manufacturing industries)
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The Daegu-Gyeongbuk Free Economic Zone (DGFEZ) is a special economic zone in South Korea that offers an optimal business environment by providing financial incentives, relaxed regulations and customized facilities to global companies looking to expand into Asia. DGFEZ has strategically positioned itself to integrate knowledge-based services and knowledge-based manufacturing (IT Convergence, High-Tech Transportation Components, Green Energy to maximize synergies for a high-quality living and working environment.

In total, DGFEZ has 10 industrial districts strategically (total area: 40km2) located throughout the Daegu-Gyeongbuk region in the cities of Daegu, Gumi, Gyeongsan, Yeongcheon, and Pohang.

SGFEZ(Saemangeum Free Economic Zone)

¢´?Location : West Coast of South Korea(across Gunsan city, Kimje city, and Buan county in Jeonbuk Province)
¢´?Area : 50.4km²
¢´?Project period : 2008-2020
¢´?Project budget : KRW approx. 5.3 trillion
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The Saemangeum Gunsan Free Economic Zone is designed to foster imagination, creativity,and above all, business opportunities with its strong environmental focus and open-door policy towards foreign investment.

SGFEZ aims to become a regional focal point for next-generation industries such as new renewable energy, as well as leisure and tourism. The area of 50 square kilometers are divided into three sub-zones; 2nd Gunsan National Industrial Complex, Saemangeum Zone (Saemangeum Industrial Zone and Saemangeum Tourism Zone) and Gogunsan Islands Zone. All of the zones will be built according to the government's "low carbon and green growth" policy.