Yellow Sea Free Economic Zone is to be developed into the industrial and cultural center of Northeast Asia.
Yellow Sea Free Economic Zone
The economic advancement
of the Republic of Korea over the past few years is renowned around the world.
Gyeonggi Province, the economic center of Korea and home to innovative and world-leading
convergence clusters, also houses the Yellow Sea Free Economic Zone, or YESFEZ.
YESFEZ was established to promote foreign investment in Korea through the
development of various complexes. Located in Gyeonggi Province’s Pyeongtaek
City, YESFEZ is being developed as a center of high-tech industry clusters with
the aim of creating an international cooperation base for the rapidly
developing industries of the Yellow Sea Region.
What drives it
The Yellow Sea, a continental
shelf covered in shallow water and one of the largest areas of its kind in the
world, lies between mainland China and the Korean Peninsula. This places YESFEZ within one of the world’s top 3 economic blocks along with the North American
Free Trade Agreement (NAFTA) and the European Union (EU). It occupies a prime
location near international airports with convenient flights to major cities
and countries including China and Japan as well as Southeast Asian nations. It also
adjoins seaports with modern facilities that enable intercontinental distribution
and offers access within 2 hours to any major city in the nation through comprehensive
highways and high-speed railways.
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| YESFEZ adjoins seaports enable intercontinental distribution of the product |
The Yellow Sea Free
Economic Zone features Pyeontaek Poseung District (project cost of approximately
KRW 80 billion) and Hyeondeok District (project cost of approximately KRW 750
billion). Construction of the districts began in 2008 and is scheduled to be
completed by 2020. Each district has its own industry focus.
· Pyeongtaek Poseung District
Pyeongtaek Poseung District (BIX) is being
developed as a cutting-edge industrial cluster and Northeast Asian hub through
is key position within the Yellow Sea Free Economic Zone. Its industry focus
includes automotive parts, logistics, electronics, chemicals, and more.
Pyeongtaek Port, one of the top 3
ports in Korea, is located in BIX and regarded as a global logistics headquarters
of Fortune 500 companies in automobiles, semiconductors, steel, and more. Upon completion,
BIX will see operations in various fields such as for distribution logistics,
automobiles, chemicals, semiconductors and machinery. This underlies its purpose
of serving as a launching point for entry into Northeast Asia through strengthened
collaboration and foreign investment in the complex.
Domestic advantages and investment
BIX
offers affordable lease rates and boasts a convenient location through its easily
accessible transportation links to and from Seoul (travel time of less than 60
minutes). In terms of investment locations, BIX has comprehensive development
plans that feature the Pyeongtaek Tourist Complex, port-adjacent sites, and an
international passenger terminal. Moreover, Gyeonggi-do offers a convenient
living and globalized environment that includes the US Forces Korea headquarters,
the largest facility of its kind in Northeast Asia.
Foreign advantages and investment
For
foreign investors, it is an ideal location that provides a solid foundation for
corporate activities. Various incentives in the form of tax exemptions and
reductions are offered as well as subsidies for training and employment. With
regard to the stability of companies, foreign-invested firms can access one-on-one
custom services suited to their needs.
· Hyeondeok District
Hyeongdeok District is being developed
as a cultural and tourism cluster for foreign visitors. It features a space for
cultural exchange, immersion, and learning through various facilities. It will
also house a superior complex with integrated functions for business and
leisure activities. Furthermore, it is being tailored to foster international solidarity
among Korean and foreign investors, creating a harmonious living space through
a globalized atmosphere. This will be attained through support via housing,
medical services, and international schools for foreign professionals.
The area is divided according to function:
the northern area is dedicated to commercial operations while the southern area
focuses on residential amenities. The layout is comprehensively designed to
accommodate the needs and concerns of both businesses and residents. In this
way, Hyeondeok District addresses multifaceted demands by diversifying its retail,
commercial and business, tourism, and medical and housing and support facilities.
Leading to your future
The Yellow Sea Free
Economic Zone provides an ideal location for the stability and success of enterprises.
It is a place where you can design and achieve your future.
Invest
in the Yellow Sea Free Economic Zone. Your Future is Open.
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