Korean Free Economic Zones
Home  >  Why FEZ  >  What is FEZ

What is FEZ

What is FEZ

FEZs to become Northeast Asian Business Hubs

Global Networking Centers

FEZs will become hotspots where global human resources, information and technologies are introduced and intermingle thanks to the best management environment, achieved through raising the standards of institutions to world-class levels, by encouraging the local community to embrace multinational and multicultural influx, and by providing a pleasant living environment in which to operate.

New Strongholds of Northeast Asian Logistics

Enjoying a central location at the heart of the Northeast Asian region, their world-class airports and port facilities and advanced TSR/TCR-based logistic infrastructure will ensure that the FEZs are the strongholds of Northeast Asian logistics.

Favorable Environment for Corporate Settlement

Thanks to the superior management and living environment, the FEZs are becoming global centers for international finance, hosting the headquarters of many multinational corporations, including major law firms, accountancy firms, IT companies and strategic consultants. They are also becoming a cosmopolitan center for education, medical services, shopping, tourism and leisure.

Center for State-of-the Art Knowledge Industry

By supporting superior Korean technologies and promoting an advantageous living environment to attract the highest foreign human resources, FEZs will become research and production centers for cutting-edge technologies such as IT, BT, NT, CT and knowledge-based industries.

History of FEZs

02.12.30 Adoption of the Act on Designation and Management of the Free Economic Zones

(effective as of July 1, 2003)

03.07.01  Inauguration of the Free Economic Zone Committee
03.07.10  Establishment of the Free Economic Zone Planning Office
03.08.06  Designation of the Incheon Free Economic Zone
03.10.15  Launch of the Incheon Free Economic Zone Authority
03.10.27  Designation of the Busan-Jinhae and Gwangyang bay area Free Economic Zones
04.03.24  Launch of the Gwangyang bay area Free Economic Zone Authority
04.03.30  Launch of the Busan-Jinhae Free Economic Zone Authority
08.04.25  Designation of the Daegu-Gyeongbuk, Yellow Sea, Saemangeum-Gunsan Free Economic Zones
08.07.22  Launch of the Yellow Sea Free Economic Zone Authority
08.08.13  Launch of the Daegu-Gyeongbuk Free Economic Zone Authority
13.02.04  Designation of the East coast and ChungBuk Free Economic Zones
13.04.26  Launch of the ChungBuk Free Economic Zone Authority
13.07.09  Launch of the East coast Free Economic Zone Authority

Designation Status

A total of 8 FEZs have been designated and applied in operation :
1st phase - 3 zones (2003 : Incheon, Busan-Jinhae, Gwangyang bay area),
2nd phase - 3 zones (2008 : Yellow Sea, Daegu-Gyeongbuk, Saemangeum-Gunsan)
3rd phase - 2 zones (2013 : ChungBuk, East coast)

Name Incheon Busan-
bay area
Yellow Sea
Location Incheon
(Yeosu, Suncheon, Gwangyang),
(Dangjin, Asan,
Seosan), Gyunggi
(Pyungtaek, Hwasung)
Area 132.91㎢ 52.90㎢ 77.71㎢ 4.39㎢
Launch Date
(Designation Date)
Airport/Port Incheon Inter’l Airpot
Incheon Port
Gimhae Airport
New Busan Port
Gwangyang Port
Yeosu Airport
Pyeongtaek Port
Dangjin Port
Year of
2022 2020 2020 2020
Process I .03 ~ 09
II. 10~14
III. 15~22
I. 04~06
II. 07~15
III. 11~20
I. 04~10
II. 11~15
III. 16~20
I. 08~13
II. 14~20
Major Industries
under the Basic Plan
- Business /
- Logistics
- High-tech
- Medical / BT
- Education
- Culture /
- Logistics
- High-tech
- New city
- Tourism /
- Education /
- Logistics
- Manufacturing
- Offshore
- Tourism /
- Auto parts
- Semiconductor /
- Steel /
Name Daegu-Gyeongbuk Saemangeun-Gunsan East coast ChungBuk
Location Daegu,
(Gyeongsan, Yeongcheon,
Gumi, Pohang)
(Gunsan, Buan)
Cheongwon, Cheongju
Area 22.01㎢ 28.60㎢ 8.25㎢ 9.08㎢
Launch Date
(Designation Date)
2013.04.26 (2013.02.04)
Airport/Port Daegu Inter’l Airport Gunsan Port Saemangeum Port YangYang Inter'l Airport Donghae Port Cheongju Inter'l Airport
Year of
2020 2020 2024 2020
Process I. 08~13
II. 14~20
I. 08 ~ 20 I. 13~24 I. 13~20
Major Industries
under the Basic Plan
- U-IT
- High-tech
  Transport Part
- Green energy
- Knowledge
- Automobile /
- Machinery / Parts
- Renewable
- Tourism / Leisure
- High-tech   Components &
- Logistics
- R&D
- Tourism / Leisure
- BIO - Airline /
  Air Machine
- Tourism / Leisure
- Auto Parts