The Ministry of Trade, Industry and Energy (MOTIE) selected Gwangyang Bay Area Free Economic Zone(GFEZ) as the top of 6 Korean Free Economic Zones (KFEZs) for the fourth consecutive year. For its victory, Korean government offered KRW760 million (about $688,000) incentives to the GFEZ. The GFEZ is rapidly developing into a stronghold for an important international logistics center with its differentiated strategic value. Even though the Korean economy is slowing, GFEZ has continued to expand aggressively looking towards the near future as well as nurturing the substantial number of companies that have decided to start operations in the zone. NSP press spotlights the potential and achievements of the leading zone and covers the goals toward 2020. Interview with Lee Hee-Bong, the Commissioner of GFEZ Introduction of GFEZ In 2003, The GFEZ was established for the purpose of being the world's best hub of port logistics and the transshipment of cargo throughout Northeast Asia. In order to encourage investment and development within the 85 square kilometers of Gwangyang Bay area, the government is offering various incentives. The Gwangyang Port has developed rapidly into Northeast Asia's primary port by focusing on 5 major industries including the logistics in Gwangyang district, the manufacturing in Yulchon district, Sindeok district as a backup city, the tourism and leisure in Hwayang district, and a multifunctional district, Hadong. Interview with Lee Hee-Bong, the Commissioner of GFEZ GFEZ's Competitiveness The Gwangyang Bay Area Free Economy Zone(GFEZ) is quite competitive that we have attractive features such as leading global steel maker POSCO, Yeosu National Industrial Complex, and international container port with 16 berths which facilitates trade businesses, and the logistics based on the developed transportation infrastructure. GFEZ's investment performance The GFEZ has drawn 41 foreign investors bringing in $4.1 billion out of 138 investors to the amount of $12.2 billion. We will spare no efforts to secure the investment in domestic business and the local development. As Korea's no.1 high-value-added multifunctional logistics, the GFEZ is marching forward to attract $25 billion investment in total, and expecting to create 240,000 jobs by fiscal 2020. In order to be an industrial and logistics hub of the world, the GFEZ has been supporting the Yulchon Industrial Complex 2 in fine chemistry and energy sector, the Sepung Industrial Complex in metal sector, and the Haeryong Industrial Complex specialized in magnesium as the center of high-value-added materials. Particularly, the Yulchon Industrial Complex 1 has already attracted 90 investors before its completion by the end of this year. interview with foreign business person Jose Ramon Rosal Cernuda - Marketing Associate Director Rainho GROUP Gwangyang has a great background with proven working conditions by its most staffs. Furthermore, the zone's strategic location near to Yeosu Airport will maximize the international business scale. As our business is extending the operations abroad lately, the high quality of the transportation infrastructure around the Gwanyang Port guarantees the best condition for the business extension The heart of Economic Zone is now going full speed ahead on building the world's benchmark of logistics and industries. With its great strengths of international port, the zone's strategic location, solid infrastructure and excellent road and rail links to Korea's industrial centers, and tremendous potential and capital accumulated in its infrastructure and human resources, the GFEZ will re-emerge as the best free economic zone for the investors with a strong belief that its success will change the landscape of Northeast Asia's economy and strengthen the entire nation and the world. Looking forward to seeing the dynamic change, it was Nam- Seon,Do from NSP press.

• published: 04 Sep 2013
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