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Korean FEZs Accelerating Their Steps toward Becoming the Hub of Northeast Asia
Korea needed a catalyst to return to economic growth and stability, in the aftermath of the 1997-1998 financial crisis and
being sandwiched between China and Japan, which are the world’s second and third largest economies, respectively. Against this backdrop, the Korean government began the FEZ initiative. The FEZs in South Korea are specific areas dedicated to providing the best environment for business and living to attract leading multinational companies and business to make Korea the business hub for Northeast Asia. Now, a total of six FEZs are operating across the nation - IFEZ, BJFEZ, GFEZ, DGFEZ, SGFEZ, and YESFEZ. And the MKE has recently made a decision to add two FEZs, in Chungbuk and Gangwon Provinces, in efforts to fully meet the growing demands of the multinational companies. The two additional FEZs are
already raising expectations of boosting the overall Korean economy in spite of their central government-led
preliminary step. Following the appearance of the IFEZ, other Korean FEZs have also made their each timely advent speed based upon their respective evident competitive edge including industrial infrastructures. The Korean FEZs offer the best
business and living conditions in Northeast Asia. They have been established with the goals to create an ideal center for business by establishing high-tech cosmopolitan cities with stateof- the-art infrastructure, create a logistics matrix based on world-class airports and ports, and to utilize Korea’s strength in IT, biotechnology and other knowledge-based service areas to build a strong base for value-added, high-tech industries of the future. Their mission is to provide an optimal business
environment through deregulation and by ensuring that Korean institutions meet or exceed global standards and to provide a comfortable living environment for foreign investors and their families. This month’s Korea Buyers Guide especially covers GFEZ among six local FEZs paying attention to the higher growth potential.
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