Introduction

As centers of international business where global capital and information gather,

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Designation Status

Korean Free Economic Zones are specially designated areas created to improve the business and living environment for foreign-invested firms in Korea. Since the 2003 inauguration of an FEZ in Incheon, the number of FEZs in operation has grown to nine:Incheon, Busan-Jinhae, Gwangyang Bay Area, Daegu-Gyeongbuk, Gyeonggi, East Coast,Chungbuk, Gwangju and Ulsan.

Incheon

  • LocationIncheon (Yeonsu-gu·Jung-gu·Seo-gu)
  • Area122.4km2
  • Launch Date2003.10.15
  • Airport·Port Incheon Inter’l Airpot, Incheon Port
  • Development Period2022(I. 03~09, II. 10~14, III. 15~22)

Major Industries under the Basic Plan

  • Aviation logistics
  • Bio
  • Local Service

Busan·Jinhae

  • Location Busan(Gangseo-gu), Gyeongnam(Jinhae)
  • Area59.80km2
  • Launch Date2004.03.30
  • Airport·PortGimhae Airport, New Busan Port
  • Development Period2023(I. 04~06, II. 07~15, III. 16~23)

Major Industries under the Basic Plan

  • Complex logistics
  • High-tech
  • New city
  • Leisure and vacation facilities

Gwangyang bay area

  • LocationJeonnam, Gyeongnam
  • Area69.57km2
  • Launch Date2004.03.24
  • Airport·PortGwangyang Port, Yeosu Airport
  • Development Period2022(I. 04~10, II. 11~15, III. 16~22)

Major Industries under the Basic Plan

  • Logistics
  • Manufacturing
  • Offshore
  • Tourism / Leisure

Gyeonggi

  • LocationGyeonggi (Pyeongtaek, Siheung)
  • Area5.24km2
  • Launch Date2008.07.22
  • Airport·PortPyeongtaek Port, Dangjin Port
  • Development Period2020(I. 08~13, II. 14~20)

Major Industries under the Basic Plan

  • Auto parts
  • Semiconductor / LCD
  • Steel / Petrochemistry

Daegu·Gyeongbuk

  • LocationDaegu, Gyeongbuk
  • Area18.45km2
  • Launch Date2008.08.13
  • Airport·Port Pohang Yeongilman Port
  • Development Period2022(I. 08~13, II. 14~22)

Major Industries under the Basic Plan

  • Transportation Components
  • IT Convergence
  • Medical

East coast

  • LocationGangwon (Donghae, Gangneung)
  • Area4.44km2
  • Launch Date2013.07.09
  • Airport·PortYangYang Inter'l Airport, Donghae Port
  • Development Period2024(I. 13~24)

Major Industries under the Basic Plan

  • High-tech Components & Materials
  • Logistics
  • R&D
  • Tourism / Leisure

Chungbuk

  • LocationChungbuk (Cheongju)
  • Area4.96km2
  • Launch Date2013.04.26
  • Airport·Port Cheongju Inter'l Airport
  • Development Period2020(I. 13~20)

Major Industries under the Basic Plan

  • BIO - Airline / Air Machin
  • NEW IT
  • Tourism / Leisure
  • Auto Parts

Gwangju

  • LocationGwangju
  • Area4.37㎢
  • Launch Date2021.1.27
  • Airport·Port Gwangju Airport
  • Development Period‘20~’25

Major Industries under the Basic Plan

  • AI
  • Automobile
  • Energy

Ulsan

  • LocationUlsan
  • Area4.7㎢
  • Launch Date2021.1.14
  • Airport·Port Ulsan Airport, Ulsan port
  • Development Period‘20~’30

Major Industries under the Basic Plan

  • hydrogen Industry(Auto Part, Fuel Cell)

Achievement of KFEZs

ccumulated foreign direct investment in the KFEZs amounted to $223.34 billion as of 2023, with 7,644 companies, including multinational firms such as GE and BMW, operating in the KFEZs. The KFEZs have become even more attractive to global investors who knock on the Korean door first when seeking opportunities in Asia.

$223.34 Billion
Accumulated FDI(*2023)

FDI record by yeat

7,644
(*2023)

NO.of resident firms in KFEZ

History of KFEZs

2002-2005

  • 2002.12.30Adoption of the Act on Designation and Management of the Free Economic Zones (effective as of July 1, 2003)
  • 2003.07.01Inauguration of the Free Economic Zone Committee
  • 2003.07.10Establishment of the Free Economic Zone Planning Office
  • 2003.08.11Designation of the Incheon Free Economic Zone
  • 2003.10.15Launch of the Incheon Free Economic Zone Authority
  • 2003.10.30Designation of the Busan-Jinhae and Gwangyang bay area Free Economic Zones
  • 2004.03.24Launch of the Gwangyang bay area Free Economic Zone Authority
  • 2004.03.30Launch of the Busan-Jinhae Free Economic Zone Authority

2006-2010

  • 2008.04.25Designation of the Daegu-Gyeongbuk, Yellow Sea, Saemangeum-Gunsan Free Economic Zones
  • 2008.07.22Launch of the Yellow Sea Free Economic Zone Authority
  • 2008.08.13Launch of the Daegu-Gyeongbuk Free Economic Zone Authority
  • 2008.08.28Launch of the Saemangeum-Gunsan Free Economic Zone Authority

2011-2015

  • 2013.02.04Designation of the East coast and Chungbuk Free Economic Zones
  • 2013.04.26Launch of the Chungbuk Free Economic Zone Authority
  • 2013.07.09Launch of the East coast Free Economic Zone Authority
  • 2013.09.12Establishment of the Korea Agency for Saemangeum Development & Investment

2016-2020

  • 2018.04.06Saemangeum-Gunsan Lifting of Free Economic Zones
  • 2020.06.03Designation of the Gwangju and Ulsan Free Economic Zones