ID :
34482
Mon, 12/08/2008 - 12:23
Auther :
Shortlink :
https://www.oananews.org//node/34482
The shortlink copeid
S. Korea designates 4 new free economic zones
SEOUL, Dec. 8 (Yonhap) -- South Korea designated four new free economic zones
(FEZs) Monday as part of efforts to bolster growth, exports and attract more
foreign investments.
The Ministry of Knowledge Economy said the newly designated Ulsan, Gimje, Pohang
and Pyeongtaek-Dangjin zones aim to contribute to economic growth by offering
various tax breaks, waivers on import duties and state support for the building
of plants and logistics bases.
The current global economic slump is expected to cause South Korean GDP growth to
fall into the 3 percent range in 2009 from the mid-4 percent gains projected by
the government for this year.
Seoul first set aside Incheon, Busan-Jinhae and Gwangyang as open economic
regions in 2003 in a bid to transform the country into a Northeast Asian business
hub. This was followed by the designation of the Yellow Sea region surrounding
the port city of Pyeongtaek, as well as the Saemangeum-Gunsan and Daegu-North
Gyeongsang regions in April.
The ministry said a total of 331.2 billion won (US$225.9 million) will be set
aside over the next six years for Ulsan and Gimje, which could create more than
1,700 new jobs and increase production by 242.4 billion won annually.
Ulsan, one of South Korea's largest industrial cities and home to Hyundai Motor
Co. and Hyundai Heavy Industries Co., is to be developed into a hightech
logistics, trade and production hub for the country's southeastern region, while
Gimje on the west coast is to be built up as a center for auto parts, machinery
and reusable energy.
For the sea ports of Pohang and Pyeongtaek-Dangjin, freight handling capabilities
are to be increased by an average 850,000 twenty-foot equivalent units per year
with 12,400 jobs to be created for these regional economies. The size of the
Busan and Gwangyang FEZs are also to be expanded to make them more attractive for
foreign and domestic investors wanting to increase logistics bases in the
country.
The ministry, in addition, said the Masan Free Trade Zone set up in 1970 will
receive 135.6 billion won between 2009 and 2014 to be used for modernizing its
industrial and logistics infrastructure.
The funds for Masan are expected to increase production by 135.1 billion won
annually and create more than 1,000 new employment opportunities for the southern
city.
yonngong@yna.co.kr
(END)
(FEZs) Monday as part of efforts to bolster growth, exports and attract more
foreign investments.
The Ministry of Knowledge Economy said the newly designated Ulsan, Gimje, Pohang
and Pyeongtaek-Dangjin zones aim to contribute to economic growth by offering
various tax breaks, waivers on import duties and state support for the building
of plants and logistics bases.
The current global economic slump is expected to cause South Korean GDP growth to
fall into the 3 percent range in 2009 from the mid-4 percent gains projected by
the government for this year.
Seoul first set aside Incheon, Busan-Jinhae and Gwangyang as open economic
regions in 2003 in a bid to transform the country into a Northeast Asian business
hub. This was followed by the designation of the Yellow Sea region surrounding
the port city of Pyeongtaek, as well as the Saemangeum-Gunsan and Daegu-North
Gyeongsang regions in April.
The ministry said a total of 331.2 billion won (US$225.9 million) will be set
aside over the next six years for Ulsan and Gimje, which could create more than
1,700 new jobs and increase production by 242.4 billion won annually.
Ulsan, one of South Korea's largest industrial cities and home to Hyundai Motor
Co. and Hyundai Heavy Industries Co., is to be developed into a hightech
logistics, trade and production hub for the country's southeastern region, while
Gimje on the west coast is to be built up as a center for auto parts, machinery
and reusable energy.
For the sea ports of Pohang and Pyeongtaek-Dangjin, freight handling capabilities
are to be increased by an average 850,000 twenty-foot equivalent units per year
with 12,400 jobs to be created for these regional economies. The size of the
Busan and Gwangyang FEZs are also to be expanded to make them more attractive for
foreign and domestic investors wanting to increase logistics bases in the
country.
The ministry, in addition, said the Masan Free Trade Zone set up in 1970 will
receive 135.6 billion won between 2009 and 2014 to be used for modernizing its
industrial and logistics infrastructure.
The funds for Masan are expected to increase production by 135.1 billion won
annually and create more than 1,000 new employment opportunities for the southern
city.
yonngong@yna.co.kr
(END)
