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HOME > Introduction to Major FEZs in South Korea
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Introduction to Major FEZs in South Korea |
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Special Economic Zone for Knowledge Creation Daegu-Gyeongbuk Free Economic Zone  Created in 2008, the Daegu-Gyeongbuk Free Economic Zone
Authority is a special government agency that offers customized
facilities and space (manufacturing, R&D, logistics) for companies
operating in the Korea and Asia-Pacific market. DGFEZ also
provides financial incentives and relaxed government regulations for
global companies.
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The Global Hub for International Business and Logistics Busan-Jinhae Free Economic Zone  The Busan-Jinhae Free Economic Zone (hereinafter, BJFEZ) is strategically located at the heart of
Northeast Asia and at the same time, the center of Korea’s southeastern industrial belt. The BJFEZ
is a specially designated area to attract foreign businesses and multinational companies. The BJFEZ
is the global hub for international businesses and logistics. Since the BJFEZ is situated along the
European and North American trunk routes that have the largest traffic volume among the global
shipping routes, it is logistically very competitive and it also retains the possibility to function as
the connection point for the European Continental and Pacific Rim destinations.
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Korean FEZs Accelerating Their Steps toward Becoming the Hub of Northeast Asia Focus  Korea’s Ministry of Knowledge Economy (MKE) has steadily maintained its moves to designate
Free Economy Zones (FEZ) in the nation since its first FEZ designation of IFEZ in 2003 in order to
strategically respond to anticipated economical difficulties especially in the regional market and
thus secure new growth engines.
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Gearing up to become the world’s best center of industry and logistics  The Gwangyang Bay Area Free Economic
Zone(hereinafter “GFEZ”) was designated as an FEZ on
October 2003, the second of its kind in the nation,
following IFEZ, with the aim to build the world’s best
hub of logistics and advanced industry.
Completing its first phase of major development
projects and investment attractions, GFEZ has celebrated
its eighth anniversary on March 24, this year.
On this occasion, Lee Hee-bong, the commissioner of
the GFEZ, said “The GFEZ has grown into one of major
growth engines driving the nation’s economy. With a more
or less 10 percent share of the nation’s entire the stature of
our FEZs in South Korea is clearly evident.”
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The Incheon Free Economic Zone (hereinafter IFEZ)
