FEZ, Free Economic Zone, is a specific area 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.
Given the Korean economy, which suffered difficulties with the bitter aftermath of the 1997-1998 financial crisis and Korea is being sandwiched between China and Japan, which are the world’s largest single market and the world’s second largest economy, respectively.
Korea needed a catalyst to return to economic growth and stability. Against this backdrop, the Korean government began the FEZ initiative.
In this regard, the Korean government has designed six areas across the country as the Free Economic Zones to transform the nation into the financial and logistics hub of Northeast Asia, taking full advantages of world-class airports and ports, geographical location, as well as IT infrastructure to provide foreign investors and their families with an optimal business and living environment.
The BJFEZ covers 51.2㎢ with a population of 243,000 by 2020. This zone is divided into 5 areas and 19 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.
Providing an optimal business environment with ideal living conditions to meet global standards for foreign investors
|New Port Area||2,743||11.1||Logisitics,Distribution, International business||Northern Hinterland, Southern Hinterland|
|International City(Myeongji)||3,007||12.8||International business, Medical service, Education, Logistics, High-tech parts||Myeongji,West Busan, Distribution, Hwajeon, Sinho|
|Tourism & Leisure(Ungdong)||2,444||9.9||Leisure, resort, High-tech industries, Residential support||Ungdong, Namyang, Nammoon, Wasung, Ungcheon.Namsan|
|High-tech & Manufacturing(Jisa)||3,252||13.2||High-tech industries, R&D center||Busan Science & Industrial Park, Mieum,Songjeong, Myeongji, Saenggok|
|Mechatronics, Education(Dudong)||1,065||4.3||Logisties, distribution, Residence, Culture, R&D center||Dudong, Moonhwa, Bobae|