The Korea Herald


S. Korea eyes W100tr of investment in free economic zones by 2032

By Yonhap

Published : June 29, 2023 - 11:12

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South Korea seeks to attract 100 trillion won ($76.55 billion) of investment in the country's free economic zones and create 450,000 jobs there by 2032 to make them global hubs of advanced industries and businesses, the industry ministry said Thursday.

Under the draft of the comprehensive 10-year development plan, the government aims to attract the investment from domestic and foreign entities in key leading sectors and build smart, eco-friendly international cities in cooperation with municipal governments, according to the Ministry of Trade, Industry and Energy.

The country has designated nine FEZs across the country since 2003, including those in the western city of Incheon and the southeastern port city of Busan, by offering tax incentives and eased regulations for foreign companies.

The government will finalize the plan by around August after consultations with relevant ministries, it added.

Meanwhile, the government approved the modification of the land use rules regarding Incheon International Airport, west of Seoul, to allow the establishment of a fine art storage facility there.

Last year, Incheon International Airport Corp. signed an agreement with Arshexa Corp. for the development and operation of the world's largest-scale art storage at the airport. (Yonhap)