Why KFEZ?

KFEZ Introduction

As centers of international business where global capital and information gather,
the Korean Free Economic Zones offer the ideal management environment for multinational firms.

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 eight: Incheon, Busan-Jinhae, Gwangyang Bay Area, Daegu-Gyeongbuk, Saemangeum-Gunsan, Yellow Sea, East Coast and Chungbuk.

경제자유구역 현황표
Name Location Area Launch Date Airport·Port Development Period Major Industries under
the Basic Plan
Incheon Incheon
(Yeonsu-gu·Jung-gu·Seo-gu)
123.49km2 2003.10.15 Incheon Inter’l Airpot
Incheon Port
2022
I. 03~09
II.10~14
III.15~22
- Aviation logistics
- Bio
- Local Service
Busan·Jinhae Busan(Gangseo-gu)
Gyeongnam(Jinhae)
51.06km2 2004.03.30 Gimhae Airport
New Busan Port
2023
I. 04~06
II. 07~15
III. 16~23
- Complex logistics
- High-tech
- New city
- Leisure and vacation facilities
Gwangyang bay area Jeonnam
(Yeosu, Suncheon, Gwangyang)
Gyeongnam (Hadong)
69.57km2 2004.03.24 Gwangyang Port
Yeosu Airport
2022
I. 04~10
II. 11~15
III. 16~22
- Logistics
- Manufacturing
- Offshore
- Tourism / Leisure
Yellow Sea Cheongnam (Dangjin, Asan, Seosan)
Gyunggi (Pyungtaek, Hwasung)
4.36km2 2008.07.22 Pyeongtaek Port
Dangjin Port
2020
I. 08~13
II. 14~20
- Auto parts
- Semiconductor / LCD
- Steel / Petrochemistry
Daegu·Gyeongbuk Daegu, Gyeongbuk
(Gyeongsan, Yeongcheon, Pohang)
18.45km2 2008.08.13 Pohang Yeongilman Port 2022
I. 08~13
II. 14~22
- Transportation Components
- IT Convergence
- Medical
East coast Gangwon (Donghae, Gangneung) 8.86km2 2013.07.09 YangYang Inter'l Airport
Donghae Port
2024
I. 13~24
- High-tech Components & Materials
- Logistics
- R&D
- Tourism / Leisure
Chungbuk Chungbuk (Cheongju) 4.88km2 2013.04.26 Cheongju Inter'l Airport 2020
I. 13~20
- BIO - Airline / Air Machin
- NEW IT
- Tourism / Leisure
- Auto Parts

Achievement of KFEZs

Accumulated foreign direct investment in the KFEZs amounted to $161.3 billion as of 2014, with 4,467 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.

History of KFEZs

  • 2002
    • 12.30
      Adoption of the Act on Designation and
      Management of the Free Economic Zones
      (effective as of July 1, 2003)
  • 2003
    • 07.01
      Inauguration of the Free Economic Zone Committee
    • 07.10
      Establishment of the Free Economic Zone Planning Office
    • 08.11
      Designation of the Incheon Free Economic Zone
    • 10.15
      Launch of the Incheon Free Economic Zone Authority
    • 10.30
      Designation of the Busan-Jinhae and Gwangyang bay area Free Economic Zones
  • 2004
    • 03.24
      Launch of the Gwangyang bay area Free Economic Zone Authority
    • 03.30
      Launch of the Busan-Jinhae Free Economic Zone Authority
  • 2008
    • 04.25
      Designation of the Daegu-Gyeongbuk, Yellow Sea, Saemangeum-Gunsan Free Economic Zones
    • 07.22
      Launch of the Yellow Sea Free Economic Zone Authority
    • 08.13
      Launch of the Daegu-Gyeongbuk Free Economic Zone Authority
    • 08.28
      Launch of the Saemangeum-Gunsan Free Economic Zone Authority
  • 2013
    • 02.04
      Designation of the East coast and Chungbuk Free Economic Zones
    • 04.26
      Launch of the Chungbuk Free Economic Zone Authority
    • 07.09
      Launch of the East coast Free Economic Zone Authority
    • 09.12
      Establishment of the Korea Agency for Saemangeum Development & Investment
  • 2018
    • 04.06
      Saemangeum-Gunsan Lifting of Free Economic Zones