The Korea Trade-Investment Promotion Agency (KOTRA) held a domestic briefing on Free Economic Zones (FEZ) on September 2 at the Shilla Hotel in Seoul.
The event aimed to showcase Korea's investment appeal as a hub for advanced industries in the Asia-Pacific region and to attract foreign investment to stimulate the local economy.
KOTRA highlighted the differentiated investment conditions of the FEZ in line with the government's key national policy tasks, including regional growth initiatives, three major mega projects, and the Manufacturing AI Transition (M.AX) strategy.
More than 300 attendees included diplomatic representatives, foreign chambers of commerce, and officials from major foreign-invested companies such as Amkor Technology Korea and Merck Korea.
Since the launch of the first FEZ in Incheon in 2003, nine zones are currently operational, serving as key hubs for foreign investment through regulatory easing and improvements in the business and living environment.
According to a survey released by the Ministry of Trade, Industry and Energy in January, the total investment by companies in the FEZ is projected to reach 59 trillion won, with exports amounting to 35.7 trillion won in 2024, marking increases of 14.4% and 10.1%, respectively, compared to the previous year.
Notably, companies in key strategic industries reported a 27% increase in employment and a 17.2% rise in sales, contributing to the expansion of the local advanced ecosystem.
A representative from a foreign-invested company cited the world-class infrastructure and the potential for partnerships with domestic advanced firms as major attractions of the FEZ. Kim Tae-hyung, CEO of Invest Korea, emphasized, "We will actively support the FEZ to become a global platform where local industries and global companies can grow together."
Lee Min-woo, Director of the Industrial Growth Office at the Ministry of Trade, Industry and Energy, also stated, "The Free Economic Zones are key hubs connecting advanced industry investment and regional growth, and we will strive to ensure that global companies can invest with confidence."
* This article has been translated by AI.
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