The Free Economic Zone Commission established by Ministry of Finance and Economy to deal with various affairs relating to the Free Economic Zone will also help attract foreign investment. Their roles such as planning of policies and systems of FEZ, management of the laws relating to FEZ, designing of the FEZ development plan will exert favorable influences on FEZs.
Korea’s free zones are testimony to Korea’s forward looking government, its sound policy making and its commitment to promoting balanced growth and economic diversification and encouraging foreign direct investment. Korea wants to transform the nation into an international business and financial hub. Korea needs to seek a business hub project in the region as the new long term growth initiative. It will be not enough to create a comparable economic zone by only the strength of a provincial institution alone. Above all, the urban infrastructure, including roads, electricity and sewage, will require a more sophisticated and costly system than the current provincial government can provide. Therefore, it must be backed by all energy and efforts that the country can provide, along with swift decisions. Korea will prove itself investor-friendly and will become more and more “The Place to Be” for international businesses.
Free economic zones in Korea
[Seoul]:Korea Institute for Industrial Economics & Trade
|Subject Country||South Korea(Asia and Pacific)|
|Subject||Economy < Trade
Economy < Direct Investment
|Holding||Korea Institute for Industrial Economics & Trade|