Republic of Korea (South Korea)
Korean FEZs are designated by law to facilitate foreign investment, and thereby to strengthen national competitiveness and seek balanced development among regions by improving the business environment for foreign-invested enterprises and living conditions for foreigners.
There are six Free Economic Zones in South Korea. The first three zones were created in 2003 and three more were created in 2008. Jeju Island is not a Free Economic Zone but a free international city.
- Incheon Free Economic Zone (IFEZ) in 2003
- Busan-Jinhae Free Economic Zone (BJFEZ) in 2004
- Gwangyang Free Economic Zone (GFEZ) in 2004
- Saemangum Free Economic Zone (SGFEZ) in 2008
- Yellow Sea Free Economic Zone (YESFEZ) in 2008
- Daegu-Gyeongbuk Free Economic Zone (DGFEZ) in 2008
Read more about this topic: Special Economic Zone
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“The first requisite of a good citizen in this republic of ours is that he shall be able and willing to pull his weight.”
—Theodore Roosevelt (1858–1919)