Introduces small-scale foreign investment zones

The Republic of Korea has introduced small-scale free economic zones (FEZs) that will provide significant incentives to foreign investors. These "mini" FEZs can be established in any area developed by foreign investors or foreign-invested firms. Previously, the Government had only offered FEZ benefits to companies investing more than US $30 million or those investing and operating in pre-established FEZs with a minimum area of 330,000 square meters. Under the new rule, any foreign investor or foreign-invested firm developing or using an area of land greater than 82,500 square meters in size can have the area designated as a mini FEZ, which will lower their rent on the land to 1 percent of the sale price of the land.

• Type:

  • Promotion and facilitation (Special economic zones)

• Industry:

  • Not industry specific

• Sources:

  • Ministry of Trade, Industry and Energy, Korea Introduces Mini Foreign Investment Zones, http://www.motie.go.kr/language/eng/news/news_view.jsp?seq=1173&srchType=1&srchWord=&tableNm=E_01_01&pageNo=3&ctx=#, 04 Apr 2013
  • Yonhap News Agency, S. Korea introduces 'mini' economic zones to attract foreign investment, http://english.yonhapnews.co.kr/news/2013/04/17/73/0200000000AEN20130417002100320F.HTML, 17 Apr 2013