“FEZtival 2009”

Event shows off importance of free economic zones around Korea to attract foreign investment

The first Free Economic Zone Day was observed in a ceremony in Daecheon, South Chungcheong Province on Dec. 4 with an event named FEZtival 2009, the Ministry of Knowledge Economy said.
Exec. Director Park Chung-won of the Free Economic Zone Planning Team, said the ministry decided to create the event to publicize the importance of the country’s free economic zones.
Attending the two-day event included some 150 experts from the six free economic zone authorities and the Free Economic Zone Planning Group at the ministry. On the sidelines they discussed such pertinent issues facing the FEZs around the country as educational and medical services inside the zones and mid- to long-term development plans for the zones.
During the event, the head of the FEZ Planning Team and chiefs of the free economic zone authorities held a roundtable talk on such matters as the removal of the upper limits on the prices of residential houses inside the zones built by private construction companies by amending the Residential House Law. Profits made from development projects inside the zones, including the residential houses, are currently being reinvested in public facilities in the zones.
They also discussed the revision of the special laws governing the remittance of profits to home countries by the foreign educational organizations in the zones including the Jeju International Free City.
They agreed to push for a rapid passage of the revision through the Parliament along with the draft law allowing medical institutions inside the zones by taking all needed measures to speed up parliamentary approval including party-government consultations. They also agreed on the need for the plans for mid- and long-term development of FEZs as soon as possible by supplementing various problems encountered during the past six years of operating them and plans for segregating each zone depending on its characteristics. The problems included the zones’ independence and professionalism.
During the event, 16 officers and staff working for the zones won prizes in recognition for their exemplary service for the zones in a way to boost morale. Exec. Director Park Chung-won of the FEZ Planning Team at the award ceremony said the FEZs are future growth engines that will lead the growth of Korea’s economy and their importance and value have been made clearer during the recent global economic crisis. He said it is urgent to make FEZs the best places to do business as frontal bases for attracting foreign capital into Korea. There is a need for upholding a new growth model through the FEZs for the entire country, he added.
In 2003, the government designated three locations in Incheon, Busan and Jinhae as free economic zones. Three additional FEZs were designated in April last year in Hwanghae-Daegu, North Gyeongsang Province and Saemangeum-Gunsan in a government measure to make them global economic special zones as early as possible.
The Ministry of Knowledge Economy approved the plan to set up and develop the Saemangeum Tourist Zone inside the Saemangeum-Gunsan Free Economic Zone.
The first stage of the work involves the reclamation of a 1 km2 lot for the tourist zone by 2011 at a cost of 46 billion won in an effort to complete the tourism zone by 2013. The ministry expects the tourism zone is likely to attract a huge number of tourists as it is surrounded by such scenic places as the Pyunsan National Park, Saemangeum Tide Embankment and Damsu Lake, among others, where tourists can rest their tired bodies and get recharged.
The government is ready to continue to invest in the Saemangeum-Gunsan FEZ by improving the systems so that the zone will be a great help not only to the development of Korea, but also northeast Asia. nw

A panel discusses the pertinent issues facing the FEZs such as educational and medical services at the zones and development plans for the zones. Some 150 experts on foreign investment attraction and officials from the Free Economic Zone Planning Group at the Ministry of Knowledge Economy attended the two-day meeting.

Officials of the nation’s free economic zones are gathered at a ceremony Dec.3-4 in Daechon, South Chungcheong Province, to celebrate the 1st Free Economic Zone Day with the name of “FEZtival 2009” to show off the importance of the FEZs around the country. Sixteen officials and staff of the FEZs won awards for their exemplary services at the FEZs during the ceremony.

The map showing the locations of six FEZs in Korea including Incheon, Busan and Jinhae, among others.