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Gwangyang Bay Area Free Economic Zone Authority

Gwangyang Bay Area Free Economic Zone Authority

Why us?

 

Today, success is something more than performance in the marketplace. To become the world's best free economic zone our customers, colleagues, investors, business partners, and those who live in communities surrounding us must work in complete unison. To have the best place to live, where the ancient and the modern mix in a perfect harmony, is not only our goal but the driving force behind all our efforts.

We are striving to make Gwangyang Free Economic Zone the best place to invest in Asia!

Why Gwangyang Free Economic Zone(GFEZ)? Why now? We've been asked these questions time and again and answer is simple : today's global company needs the best geographical location, most advantageous financial incentives, the best available integrated logistics systems, and customer friendly one stop service center in order to become a world leader. As soon as you set foot in our zone you will learn about the many benefits your company could have once in our GFEZ. We guarantee that you will always get a top-notch service solution every time you need it. Come and visit us soon to see the future of international business!

Our GFEZ has a tremendously outstanding infrastructure that in waiting for those leading international companies who plan to become dominant in the 21st century. Our goals are to become the new leader in Northeast Asian logistics, to take advantage of the limitless local market potential, to keep growing our great competitive industrial edge, to utilize our highly motivated and qualified local workforce, and to make the area the best possible living environment for foreigners.

Here at the Authority we understand that our biggest treasure is the 'beautiful people' who call our GFEZ home. Our extraordinary natural surroundings and remarkable cultural qualities are the attributing factors that make our people great. Everyone in Gwangyang Bay is anxiously waiting to become a part of a splendid international community and offer their welcoming hand in friendship to all who decide to come.

Thank you for your interest in the Gwangyang Free Economic Zone and for viewing this window built for you. Feel free to explore out web site to learn of the many benefits we can offer your company.

 

 

Gwangyang FEZ is truly a mesmerizing land of opportunity!

  • The New Leader in Northeast Asian Logistics

• Located at the cross road between Japan and China GFEZ is the gate by which Northeast Asia can be accessed.
• With its incomparable logistics network the GFEZ is unsurpassed throughout the region

  • Limitless Local Market Potential

• Korea is a major economic power with the 11th highest GDP in the world.
• For the past 20 years Korea's GDP has grown approximately 9% annually.
• The 48.6 million domestic market is very dynamic and in constant expansion.

  • Greatest Competitive Industrial Configuration

• From consumer goods to high-tech products Korea has become a world leader in creating innovative structure and infrastructure solutions.
• Exceptional "Industrial Value-Added Chain" capabilities.
• Korea has achieved a high level of international competitiveness in the fields of electronics, telecommunications, steel manufacturing, petrochemical, and ship-building.

  • Superlative Infrastructure

• GFEZ has a state-of-the art freight transportation system directly connected to several national and international airports and unsurpassed seaport facilities.
• GFEZ h as a ready to use in construct for any kind of manufacturing industry (including petrochemical and steel).

  • Incomparable Tax Incentives
• Various tax incentives including reductions in corporate, income, and registration tax are provided. These tax breaks will be offered to foreign investors and developers who chose to establish their enterprises in Gwangyang Bay Free Economic Zone.
  • Various Important Deregulation

• Relaxation of the veteran, handicapped, and senior citizen regulations.
• Lessening the employment transfer requirements.
• Easing of the unpaid monthly leave or unpaid holiday regulations.

  • Highly Motivated and Qualified Workforce

• More than 97% of the potential labor pool have college degrees and/or extensive job training.
• Highest levels of worker productivity. In Korea an individual employee averages 2,073 hours of work during the year.

  • Best Possible Living Environment for Foreigners
Internationally Friendly Environment
• Providing various administrative language services to foreign companies and individuals (English is the official language of the Gwangyang Bay Free Economic Zone).
• Wide array of international broadcasts and publications available. State-of-the art living and recreation areas throughout the community.

Foreign Currency Deregulation
Foreign currencies such as the US Dollar, Euro, and Yen can be used throughout the Free Economic Zone (barring small restrictions).

International Standard ¡n Medical Services
• Construction of international hospitals and pharmacies.
• Within the Free Economic Zone, and for a specific period of time,
foreign medical licensed doctors are allowed to practice their profession.

Establishment of Foreign Schools
• Foreign schools that improve the international learning environment of the entire community will be established.
• Proactive administrative policies to induce foreign high schools and institutions of higher learning will be implemented.
• Residential areas and support facilities for foreign researchers and students will be constructed.
  • Unrivaled Administrative Assistance
• For the use of commercial and public facilities by foreigners.
• In price reductions for land development, personal property sales, and home leasing.

One Stop Service
• Various administrative trative processes will be handled directly by the Gwangyang Bay Free Economic Zone Authority.
• The Ombudsman of the Free Economic Zone Authority can render services to foreigners . This office represents the interests ts of the public by address ing a variety of is sues reported by individual citizens and has the power to correct certain irregular situations.
  • Linking with the Trans-Siberian Railway,Trans-Mongolian, and Chinese Railways
• In the very near future, Gwangyang Bay Free Economic Zone will have direct connections to China and
Europe via the Trans-Siberian Railway (TSR)/ Trans-Mongolian and Chinese Railways (TMR and TCR) by reestablishing connections with North Korea.
• North American shipments to China and Eastern Russia become less expensive by shipping to Gwangyang
Port and then transporting the cargo by the TSR and the TCR/TMR.
  • Strategically Positioned Port
• Gwangyang port is linked to main international sea routes and is geographically located in the middle of Northeast Asia. Also, Gwangyang is very close to China's major shipping ports. Without a doubt Gwangyang Port is the area's best place for container trans-shipments.
• The water depth in Gwangyang Port's channel is incomparable (20m average) and allows for the effortless entrance and exit of large container vessels. Also, the island located in the center of the harbor, and surrounding mountains, naturally protect the port from rough and unpredictable weather.
• 40 cities of more than 1,000,000 people are located within a 1,000 km radius of Gwangyang Bay.
  • World Leading Industrial Clusters
• World's largest steel maker "POSCO" with an annual production of 15.8 million tones is located near the entrance to the bay.
• Yeosu National Industrial Complex which produces up to 56% of the annual national petrochemical production also calls Gwangyang home.
• Creation of a national cluster for leading industries in advanced manufacturing is part of the planned infrastructure.

Key Investors

"We are enagaged with a joint venture project with POSCO, named POSCO Terminal Co. Ltd. POSCO Terminal, a ferrous/non-ferrous bulk raw material distribution base, is perfectly placed to serve our markets both in Korea and the surrounding Asian region.  With its' combination of reasonable costs, stable operational performance, local demand and close geographical proximity to Japan and China, Gwangyang FEZ is an ideal location for Asian investors"

Shoei Utsuda - President and CEO, Mitsui & Co. Ltd