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Korean Free Economic Zones

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Free Economic Zones

Korean Free Economic Zones KFEZ, where the success formula for businesses unfolds

Korean Free Economic Zones offer the optional business environment for global businesses, A center of international business where the world’s capital and information gather.

Korean Free Economic Zones (KFEZ) are designed to actively attract foreign investment by improving the business environment and living conditions of foreign-invested companies and by maximizing the autonomy and investment incentives of companies through deregulation. Starting with Incheon in 2003, a total of nine zones have been established, including Busan/Jinhae, Gwangyang Bay, Gyeonggi, Daegu/Gyeongbuk, Chungbuk, East Coast, Gwangju, and Ulsan.

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Incheon Free Economic Zone (IFEZ)

Global Business Frontier

Incheon has been reborn as a global business hub. Incheon boasts an ideal international business environment, including Incheon International Airport, which has attained first place at the Airport Service Quality Awards (ASQ) for twelve consecutive years; the rapidly-growing Incheon Port; five world-class foreign universities located in Songdo Global Campus, and an international business complex. The Incheon Free Economic Zone (IFEZ) is a place where everything from bio, logistics, medical care, education, and high-tech industries can be enjoyed.

Incheon Free Economic Zone (IFEZ)

  • Location : Incheon (Yeonsu-gu, Jung-gu, Seo-gu)
  • Area : 122.43㎢
  • Opening Date : October 15, 2003
  • Airport,Port : Incheon International Airport, Incheon Port
  • Development Completion : 2030 (1st phase: 2003–2009, 2nd phase: 2010–2014, 3rd phase: 2015–2030)
Key Industries (Core Strategic Industries)

Bio, healthcare, aviation, complex logistics, smart manufacturing (high-tech industry), knowledge and tourism services

Gyeonggi Free Economic Zone (GGFEZ)

New Industrial Innovation and Growth Hub for the Future

Gyeonggi Free Economic Zone (GGFEZ) is located in the center of the West Coast Economic Belt. GGFEZ consists of three zones:: Pyeongtaek Poseung (BIX) Zone and Hyeondeok Zone for high-tech, logistics, and distribution industries; and Siheung Baegot Zone for R&D of land, sea, and unmanned aerial vehicles.

Gyeonggi Free Economic Zone (GGFEZ)

  • Location : Gyeonggi (Pyeongtaek)
  • Area : 5.24㎢
  • Opening Date : July 22, 2008
  • Airport, Port : Pyeongtaek Port, Dangjin Port
  • Development Completion : 2020 (1st phase: 2008–2013, 2nd phase: 2014–2020)
Key Industries (Core Strategic Industries)

High-tech (automobile, IT, machinery, chemical, logistics), services (tourism, distribution, commerce, hotels)

East Coast Free Economic Zone (EFEZ)

Recreational Tourism and Leisure, Hydrogen Energy, and High-tech Materials and Parts Industrial Hub in Northeast Asia

East Coast Free Economic Zone (EFEZ) is a special economic zone that improves the business environment and living conditions of foreign-invested companies located near the east coast of Gangwon-do. Various tax benefits, deregulation for free economic activities, a good living environment, and convenient administrative services guarantee a free and wide range of corporate activities. EFEZ is the center of the economy of Northeast Asia, especially for luxurious recreational tourism in all four seasons, hydrogen energy, and high-tech materials and parts industries.

East Coast Free Economic Zone (EFEZ)

  • Location : Gangwon (Gangneung, Donghae)
  • Area : 4.31㎢
  • Opening Date : July 19, 2013
  • Airport, Port : Yangyang International Airport, Donghae Port
  • Development Completion : 2024 (1st phase: 2013–2024)
Key Industries (Core Strategic Industries)

Recreational tourism and leisure, hydrogen energy, high-tech materials and parts

Chungbuk Free Economic Zone (CBFEZ)

Global Hub for High-tech Industries in the Central Region

Chungbuk is located in the central inland region and offers the shortest accessibility in all directions. Chungbuk Free Economic Zone (CEBFEZ) is a new hub for growing global cities and fostering the bio industry and the Urban Air Mobility industry, connected with the rotary wing maintenance.

Chungbuk Free Economic Zone (CBFEZ)

  • Location : Chungbuk (Cheongju)
  • Area : 4.96㎢
  • Opening Date : 2013.04.26
  • Airport, Port : Cheongju International Airport
  • Development Completion : 2020 (1st phase: 2013–2020)
Key Industries (Core Strategic Industries)

Bio, aviation manufacturing/service, complex logistics

* VR service is available only in Korean on the Korean website of Chungbuk Free Economic Zone (CBFEZ).
Gwangju Free Economic Zone (GJFEZ)

AI Convergence Hub for the Future

Gwangju Free Economic Zone (GJFEZ) is the only AI-focused free economic zone in Korea. GJFEZ is building a new hub for Korea’s innovative growth through convergence of cutting-edge technologies, such as next-generation eco-friendly vehicles, smart energy, and biomedical technologies.

GJFEZ consists of AI Convergence Zone, Future Vehicle Zone, and Smart Energy Zone 1 and 2. It promises an optimal environment for investment and the success of business.

Gwangju Free Economic Zone (GJFEZ)

  • Location : Gwangju (Nam-gu, Buk-gu, Gwangsan-gu)
  • Area : 4.37㎢
  • Opening Date : January 27, 2021
  • Airport, Port : Gwangju Airport
  • Development Completion : 2025-2025
Key Industries (Core Strategic Industries)

AI, automobile and eco-friendly vehicle parts, smart energy, next-generation battery, biomedical, healthcare

Gwangyang Bay Area Free Economic Zone (GFEZ)

GFEZ, the Center of Business in Northeast Asia and the Land of Opportunities

Gwangyang Bay Area Free Economic Zone (GFEZ) consists of six specialized zones and seventeen complexes that are perfectly prepared for your success. GFEZ is a new hub for logistics, tourism, and new industries in Northeast Asia, taking shape as a dynamic, international trade city.

Gwangyang Bay Area Free Economic Zone (GFEZ)

  • Location : Jeonnam (Yeosu, Suncheon, Gwangyang), Gyeongnam (Hadong)
  • Area : 59.6㎢
  • Opening Date : March 24, 2003
  • Airport, Port : Gwangyang Port, Yeosu Airport
  • Development Completion : 2022 (1st phase: 2003–2009, 2nd phase: 2010–2014, 3rd phase 2015–2022)
Key Industries (Core Strategic Industries)

High-tech materials, functional chemicals, secondary cell, port logistics service, complex tourism and leisure, bio

Daegu Gyeongbuk Free Economic Zone (DGFEZ)

From the Manufacturing to the Advanced Convergence Medical Industry

Daegu and Gyeongbuk are equipped with knowledge-based industries and service infrastructure. Daegu Gyeongbuk Free Economic Zone (DGFEZ) offers business sites, R&D facilities, and stable commercial and residential conditions, with a focus on IT convergence, high-tech transportation machinery parts, and medical industries. DGFEZ is a cluster of major domestic industries, such as Korea’s largest automobile parts complex, IT/SW, medical care, and steel, and boasts abundant human resources.

Daegu Gyeongbuk Free Economic Zone (DGFEZ)

  • Location : Daegu, Gyeongbuk (Gyeongsan, Yeongcheon, Pohang)
  • Area : 18.46㎢
  • Opening Date : August 13, 2008
  • Airport, Port : Daegu International Airport, Pohang Yeongil New Port
  • Development Completion : 2024 (1st phase: 2008–2013, 2nd phase: 2014–2024)
Key Industries (Core Strategic Industries)

Automobile and machinery parts, green energy, bio, medical device, IT, SW

Ulsan Free Economic Zone (UFEZ)

Northeast Asia Energy Hub
Ulsan Free Economic Zone (UFEZ)

Ulsan is a no. 1 industrial city with the highest GDP per capita in Korea. The city is a home to world-class automobile, shipbuilding, and petrochemical companies as well as excellent industrial infrastructure (port, airport, railway) and research institutes, such as UNIST, Korea Energy Economics Institute (KEEI), and Korea Research Institute of Chemical Technology (KRICT). In order to play an important role in the development of Korea’s industries, Ulsan aims to focus on fostering future mobility, bio, chemical, new materials, hydrogen, and low carbon energy industries. Ulsan Free Economic Zone (UFEZ) is at the center of such efforts.

Ulsan Free Economic Zone (UFEZ)

  • Location : Ulsan (Nam-gu, Buk-gu, Ulju-gun)
  • Area : 4.7㎢
  • Opening Date : January 14, 2021
  • Airport, Port : Ulsan Airport, Ulsan Port
  • Development Completion : 2020–2030
Key Industries (Core Strategic Industries)

Future mobility, bio, chemical, new materials, hydrogen/low carbon energy, hydrogen (automobile parts, fuel cells)

Busan Jinhae Free Economic Zone (BJFEZ)

Center of World-class Logistics and Businesses

Busan Port is the best logistics hub in Northeast Asia, dealing with 75% of domestic cargo volume and boasting its world-wide ranking for container traffic volume (no. 7) and transshipment cargo (no. 2). Busan Jinhae Free Economic Zone (BJFEZ) is a global industrial cluster of shipbuilding, automobile, and machinery industries as well as a key region for next-generation digital technologies, including electric vehicles and data centers.

Busan Jinhae Free Economic Zone (BJFEZ)

  • Location : Busan (Gangseo-gu), Gyeongnam (Changwon)
  • Area : 51.1㎢
  • Opening Date : April 30, 2004
  • Airport, Port : Gimhae International Airport, Busan New Port
  • Development Completion : 2023 (1st phase: 2004-2006, 2nd phase: 2007-2015, 3rd phase: 2016-2023)
Key Industries (Core Strategic Industries)

High-tech parts and materials manufacturing (automobile, offshore plant parts, industrial machinery and parts), port logistics, R&D, tourism and leisure, bio, health