Republic of Korea (South Korea)
Korean FEZs are designated by law to facilitate foreign investment, and thereby to strengthen national competitiveness and seek balanced development among regions by improving the business environment for foreign-invested enterprises and living conditions for foreigners.
There are six Free Economic Zones in South Korea. The first three zones were created in 2003 and three more were created in 2008. Jeju Island is not a Free Economic Zone but a free international city.
- Incheon Free Economic Zone (IFEZ) in 2003
- Busan-Jinhae Free Economic Zone (BJFEZ) in 2004
- Gwangyang Free Economic Zone (GFEZ) in 2004
- Saemangum Free Economic Zone (SGFEZ) in 2008
- Yellow Sea Free Economic Zone (YESFEZ) in 2008
- Daegu-Gyeongbuk Free Economic Zone (DGFEZ) in 2008
Read more about this topic: Special Economic Zone
Famous quotes containing the word republic:
“People think they have taken quite an extraordinarily bold step forward when they have rid themselves of belief in hereditary monarchy and swear by the democratic republic. In reality, however, the state is nothing but a machine for the oppression of one class by another, and indeed in the democratic republic no less than in the monarchy.”
—Friedrich Engels (1820–1895)