KOREAN FREE ECONOMIC ZONES: BEST PLACE FOR BUSINESS
Did you know that Korea has 3 economic zones?
Korean Free Economic Zones (KFEZ) are specially designated areas created to improve the business and living environment for foreign-invested firms in Korea. Since the 2003 inauguration of a KFEZ in Incheon, the number of KFEZs in operation has grown to eight: Incheon, Busan-Jinhae, Gwangyang Bay Area, Daegu-Gyeongbuk, Saemangeum-Gunsan, Yellow Sea, East Coast and Chungbuk.
Investment conditions for foreign investors are being improved through deregulation, more effective policies and financial support. Various benefits include the reduction or exemption of corporate tax, income tax, acquisition tax and property tax, cash grants, eased regulations on labor and free foreign payment.
Korea, a Northeast Asian hub, is recognized worldwide for its well-developed infrastructure, strategic location, high-skilled manpower and its global logistics system.
“Although we are a multinational company, we manufacture here in Korea to offer our products at a reasonable price to our customers. Thanks to this, we are seeing sales growing 25% every year despite the global economic recession.”
Martin Rotermund, Managing Director, Rittal Korea
“We found that the workforce is second to none in terms of the level of skill and the incredible dedication and hard work. From a management standpoint, it’s been easy to have a cooperative relationship with their skills matching our needs.”
Brett Kimber, President, Linde Korea
“The advantage of our location is that it’s just 25 minutes from Incheon International Airport in the middle of a burgeoning air, sea, land and education hub in Northeast Asia.”
James Larson, Vice President for Academic Affairs, State University of New York, Korea