West Coast Areas to Be Developed
as Future Growth Springboards

Development of the Yellow Sea FEZ

Gyeonggi Province Gov. Kim Moon-soo said the projected "Yellow Sea Free Economic Zone (FEZ)'will be developed into a hub of high-tech growth engine industries designed to raise the competitiveness of Korea, sandwiched between China and Japan.
"The Yellow Sea FEZ, encompassing Pyeongtaek and Dangjin ports and parts of Gyeonggi and Chungcheongnam-do provinces, has a high potential to attract foreign investments, which is the reason the region was given the highest marks in the course of screening FEZ candidates,"said Gov. Kim. He added that the Gyeonggi provincial government will transform the Yellow Sea FEZ into a center of such high-tech industries as IT, bio-tech and automobiles. In a recent interview, Gov. Kim stressed the revision of the related law that will spur the development of the Yellow Sea FEZ into a knowledge-based industrial cluster. "The Free Economic Zone Act, an ordinary act, should be changed into a special act and domestic companies within the jurisdiction of the FEZ should be
given the same incentives as those of foreign companies there,"said the governor, adding that the areas covered by the Yellow Sea FEZ should be excluded from restrictions imposed under the act governing the renovation of the Seoul Metropolitan area.
In a related development, Gyeonggi Province Gov. Kim and his South Chungcheong Province counterpart, Gov. Lee Wan-gu, signed a three-point deal on Jan. 14 on the development of the Yellow Sea FEZ, including locating the headquarters of the FEZ Authority in Dangjin.
The agreement calls for dividing the construction cost of the FEZ authority building between Chungcheong and Gyeonggi at a rate of 61:39 according to the percentage of the FEZ areas located in each province.
The Yellow Sea FEZ will be developed into high-tech production, international logistics, tourism and R&D centers in three stages by 2025 at a cost of 6.99 trillion won.
The FEZ will consist of five areas: the Poseung District in Pyeongtaek covering 20,496,000 sq. meters; the Hyangnam District in Hwaseong (5,744,000 sq. meters);
the Songak and Seokmun Districts in Dangjin (25,329,000 sq. meters); the Inju District in Asan (13,025,000 sq. meters) and the Jigok District in Seosan (3,453,000 sq. meters).
Meanwhile, in his New Year's message, Gov. Kim said his provincial government will pursue the so-called "Top 3 New Development Strategy"designed to "spread its development engines into the West Coast area, the northern and eastern spheres, signaling a shift from the current development plans along the axis of the Gyeongbu (Seoul-Busan) Expressway.
Gov. Kim said, "the year 2008 will be a stellar year when Korea will set a milestone in a national leap forward if we make the most of the historic conclusion of the Korea-U.S. Free Trade Agreement, improved Korean-U.S. ties and a furthering of the South and North Korean relationship."First, Kim said, the West Coast areas will be intensively developed as new development bases to square off against China. The Shiwha-ho Lake and a vast reclamation area in Hwaseong will be developed into a hub of high-tech industry and tourism/leisure in Northeast Asia by implementing such projects as a high-tech industry logistics complex, the Universal Studio Korea Resort and the Seogam marine experience tourism complex.
The West Coast areas include Incheon and Gimpo International Airports, Pyeongtaek and Incheon ports, the West Coast Expressway and a vast reclamation area, which will serve as springboards for future growth, Kim said. He added that the areas closest to China are optimum places to promote economic collaboration between Korea and China and accommodate tourism demands from Korea and abroad. The West Sea FEZ project that Gyeonggi and South Chungcheong provinces have so strongly pushed ahead was finalized on Dec. 12, 2007 and will serve as a springboard to compete with cities on China's east coast.
Second, Kim said, the provincial government will develop the northern area of the province to ensure sustainable growth in the case of peaceful reunification with the North.
Third, Kim said, the government will promote the province's eastern districts, full of pristine and natural beauty and profound historical and cultural resources, as an eco-friendly ecological/cultural center. nw

(top photo) The Gyeonggi provincial government is striving to develop the West Sea Free Economic Zone in parts of its province and neighboring Chungcheongnam-do. (Below photo) Gyeonggi Gov. Kim Moon-soo