The nation’s five free economic zones (FEZs) attracted $1.82 billion in foreign direct investments (FDI), representing a 58 percent surge over the previous year, the Ministry of Trade, Industry and Energy (MOTIE) said. The figure for the FEDs accounted for 9.6 percent of the aggregate FDI Korea lured last year.
The Incheon Free Economic Zone (IFEZ) ranked first in the 2014 evaluation conducted by the MOTIE, followed by the Gwangyang Bay Free Economic Zone (GFEZ) and the Busan-Jinhae Free Economic Zone (BJFEZ).
MOTIE Minister Yoon Sang-jick presided over the 79th session of the Free Economic Zone Committee on July 24 and approved four documents, including the 2014 evaluation of the performances of the FEZs and FEZ-related follow-up measures, said Director General Park Soon-kee of the Free Economic Zones Planning Office.
The outcomes of the ministry’s 2014 performance evaluation showed that the five FEZs saw their overall development rate rise to 56.7 percent, up 14.1 percentage points over 2013. The FEZs created an additional 4,000 jobs in 2014, totaling some 90,000 combined jobs.
IFEZ topped four of the five survey categories — business/organizational operation, implementation of development projects, attraction of FDIs, and creation of settlement environment. GFEZ captured the No. 1 position in the fifth survey category — corporate support.
IFEZ is praised for successfully developing the Hana Financial Town in Cheongna District and the International Business District in Songdo. The FEZ has been also credited with creating Asia’s top-class global campus center by opening George Mason University-Korea in March 2014, the University of Utah Asian Campus and the University of Kent last September.
GFEZ is noted for putting all efforts into attract companies with such creative methods as the operation of a “one company, one guide system,” contributing to pre-selling 99 percent of the housing land area of the Shindae Hinterland and attracting 157 tenant companies at the Yulchon 1st Industrial Complex.
BJFEZ is commended for attracting an additional 23 tenant companies at the six FEZ districts whose development has been completed, creating an additional 1,200 jobs.
IFEZ, the No. 1 prize winter, was given 520 million won in performance incentives, the first runner-up GFEZ received 390 million won and the second runner-up BJFEZ took in 260 million won. FEZ areas marking the lowest scores will undergo restructuring, and the districts whose development has been delayed will join forces to step up development.
The FEZ Committee approved changes to their development plans for the East Coast Free Economic Zone (EFEZ)’s Okgae District; the IFEZ’s Cheongna District and Yeongjong Haneul City. The 4.96 million square-meter section of the International Business Zone and foreigners’ investment site of the Cheongna International City and the 4.32 million square-meter area of the industrial complex, robot land, and floriculture use, whose development is originally scheduled to be completed by the end of the year, will be extended for three years until 2018.
Songdo has become a global campus center by attracting 12 departments of four universities — the State University of New York, Korea, George Mason University-Korea, the University of Utah Asian Campus last September, and the University of Kent — and two graduate schools. Negotiations are under way to attract three more universities — the Fashion Institute of Technology in New York, Saint Petersburg State Conservatory, and University of Neveda-Las Vegas.
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