The Korean authorities on Friday announced the designation of three new Free Economic Zones, as part of a drive to attract more foreign investment to the country.
The three new FEZs, to be known as the Yellow Sea, Saemangeum-Gunsan and Daegu-Gyeongsannamdo (North Gyeongsang Province) zones, are designed to complement the existing zones at Incheon, Busan-Jinhae and Gwangyang.
Speaking to the state-run Korea Information Service, an official from the Ministry of Knowledge Economy explained that:
"The three-plus-three strategy aims to enhance overall competitiveness of the country through deregulation and other business incentives."
The Yellow Sea zone is anticipated to become an international cooperation center.
The Saemangeum-Gunsan FEZ, which is being established on former wetlands, is
to be developed as a "center for future industries and a leisure-recreation
hub", according to official reports.
The Daegu-Gyeongsangnamdo zones, meanwhile, will be used as a center for knowledge-based
industries such as information technology, parts and material and medical equipment,
and to promote growth of the country's interior.
Fashion and textile businesses are also likely to be attracted to the region, according to the government.
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