Director General Park Soon-kee of the Planning Office of the Free Economic Zones speaks at the FEZ Business Day 2014.

The Ministry of Trade, Industry and Energy, seven free economic zone (FEZ) authorities, and the Saemangeum Development Agency joined forces in hosting FEZ Business Day 2014. The event was designed to publicize Korean FEZs’ strong points and boost investments. It was held at the Songdo Conventia in Incheon on Dec. 5. 

The event, the first one since the launch of Korea’s first FEZ 10 years ago, attracted some 200 foreign and Korean people, including visitors from foreign investment institutions, and officials from Korean companies, universities and other walks of life.   

Foreign visitors from companies in such countries as the United States, China and Japan have begun to show a keen interest in making investments as interest mounts toward the East Asia economic sphere following Korea and China’s recent conclusion of free trade agreement (FTA) negotiations. 

Forty foreign reporters and analysts were also on hand. In his opening speech, Director General Park Soon-kee of the Planning Office of the Free Economic Zones -- under the control of the MOTIE -- said Korean FEZs will become dynamic economic hubs in East Asia, and he appealed to foreign investors to pay active attention and make aggressive investments to seize the opportunities. 

“The government will dramatically ease regulations standing in the way of development and attracting investments while making its own efforts to nurture value-added industries such as education, medical and integrated resort industries,” he said. David Carbon, chief economist and Managing Director for Economic and  Currency Research at DBS Bank in Singapore, told a forum that the Asian economy is larger than the U.S. economy, with the global economic axis shifting to Asia. He went on to say that Korean FEZs are leading the development Asia’s advanced technology and service industries, and they are a driving force to upgrade the Korean economy through economic innovation and a relaxation of regulations. Following the opening ceremony, representatives from occupant companies and universities in the Incheon Economic Free Zone (IFEZ) had sessions to publicize the strong points of Korean FEZs. 

Director Jang Sung-taek of BMW Korea, which has established Asia’s first driving center in the IFEZ, said, “The world is watching Korea’s solid growth, and in particular, Korean FEZs equipped with world-class infrastructure are very attractive to invest in.”Prof. Nasir Sheikh of the Korean campus of the State University of New York said foreign universities’ interest in Korean FEZs is rising, so Korean FEZs are predicted to rise to global centers of manpower development. The university, which made its debut in Songdo in March 2012, is offering bachelor’s, master’s and doctorate courses in such areas as computer engineering.

Participating in the panel discussion, which was chaired by Prof. Kang Sung-jin of Korea University Economic Department Director, included: Lim Ki-sung of the Planning Office of the Free Economic Zones; Commissioner Doh Kun-woo of Daegu-Gyeongbuk Free Economic Zone Authority; Thomas Schoeck of Freiedrich-Alexander University (FAU)’s Busan campus; Suh Kyung-suk, a team chief of Samjong KPMG; and Dr. Lee Kyung-geun of the law firm Yulchon. They shared opinions on the future direction of Korean FEZs, designed to differentiate themselves from foreign FEZs.

Investment and Planning Office, gave a lecture on the introduction of the Korean economy and the nation’s overall investment environment at a session designed to promote investments into Korea. Each Korean FEZ offered a presentation on its core projects, including advanced services, parts and materials, and bio/medical sectors.