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Three new FEZs to revitalize economy of nation
02 May '08
1 min read
The Korean Government has recently selected three sites to develop new Free Economic Zones (FEZs) in North Gyeongsang, western coastal area and North Saemangeum.
The officials believe that, these zones will attract large number of foreign entrepreneurs who would make investments, that in turn will uplift the economy of Korea.
According to the Ministry of Knowledge Economy, these economic zones will serve as a testing ground to observe the willingness of overseas industries to come and establish their units that mainly comprise of textiles, information and technology.
One of the zone in western coastal region will cover Pyeongtaek, and Dangjin area, that will have an international cooperation centre. The new port at Pyeongtaek, is anticipated to play a key role in development of this area.
The construction of three zones will begin soon and the authorities expect that, the already existing Free Trade Zones (FTZs) in Incheon, Busan-Jinhae and Gwangyang will work in harmony, to help country achieve economic growth, so that the nation can compete with developed countries.
The officials believe that, these zones will attract large number of foreign entrepreneurs who would make investments, that in turn will uplift the economy of Korea.
According to the Ministry of Knowledge Economy, these economic zones will serve as a testing ground to observe the willingness of overseas industries to come and establish their units that mainly comprise of textiles, information and technology.
One of the zone in western coastal region will cover Pyeongtaek, and Dangjin area, that will have an international cooperation centre. The new port at Pyeongtaek, is anticipated to play a key role in development of this area.
The construction of three zones will begin soon and the authorities expect that, the already existing Free Trade Zones (FTZs) in Incheon, Busan-Jinhae and Gwangyang will work in harmony, to help country achieve economic growth, so that the nation can compete with developed countries.
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