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According to Yonhap News,
South Korea on Monday designated two new free economic zones (FEZs) as part of
efforts to further attract foreign investment to the country, a government
committee said.
The two new areas -- one in the eastern province of
Gangwon and the other in the central region of North Chungcheong Province --
were named candidate sites in September last year, according to the FEZ Planning
Office governed by the Ministry of Knowledge Economy.
"Since their
designation as candidate sites, the office has been working closely with related
government ministries to finalize a development plan, which was recently
completed," it said in a press release.
The Gangwon FEZ will have four
different districts, each specializing in distinct industries that include
tourism and industrial materials. The new free economic zone will cost some 1.3
trillion won (US$1.19 billion) to be completed by 2024, according to Park
Han-seo, an official from the FEZ office.
The North Chungcheong FEZ
will also have four different districts covering biomedical, research and
tourism industries. It will take nearly 2 trillion won and eight years to
develop.
"The economic impact of designating the new free economic
zones will include an additional 17.2 trillion won in total output and 6.4
trillion won in added value," the FEZ office said.
It said the free
economic zones will also help attract foreign investment by offering tax breaks
and other government support, creating around 83,000 new jobs.
South
Korea currently operates six free economic zones, which in 2012 alone attracted
$2.52 billion in foreign investment, accounting for 15.5 percent of the total
$16.26 billion in foreign investment arriving here last year, according to the
ministry.