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UFEZA signed up for UFEZA membership to boost investment

According to Yonhap News,

Ulsan Free Economic Zone Authority (UFEZA) announced on May 21 the membership to the World Free Zones Organization (WFZO), an association for all free zone shareholders across the world. WFZO, headquartered in the city Dubai in the United Arab Emirates, is a global non-profit entity founded in 2014 under a slogan to share and provide convenient access to resources and information, and to increase investment for growth and prosperity among member countries.

Nearly 500 private-public institutions and organizations across 132 countries including the U.S., China and India endorsed the WFZO membership. They’ve been forming free economic zones throughout the world, providing development guidelines and membership services.

UFEZA, in negotiation with the WFZO since early this year for the membership, signed up in March and finally got an approval from the WFZO committee.

The authorization allowed UFEZA to become the 5th members of the WFZO, following Busan Jinhae Free Economic Zone Authority, Daegu Gyeongbuk Free Economic Zone Authority, Incheon Free Economic Zone Authority and Gwangyang bay area Free Economic Zone Authority.

“Gaining the momentum to let the world learn more on Ulsan city, a hydrogen economy hub of Korea and its UFEZA. We’re going to get fully poised for the post-COVID-19 world and to lay strong foundations for the FDI attraction in Ulsan city.” a UFEZA official said.

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Source:Yonhap News (May 21, 2021)

** This article was translated from Korean.