GFEZ has the geographical advantage of being located at the center of Northeast Asia and has a superior industrial infrastructure and a business friendly environment featuring inexpensive land prices, a variety of attractive deregulations and various international business support policies.
GFEZ is, without a doubt, the most advantageous free economic zone in Korea for foreign investors.
Why GFEZ
GFEZ is in the best location to serve as a trans-shipment port for containers because of its close proximity to China and Japan, and being situated only two hours away from the main shipping route for Northeast Asia. Moreover, GFEZ is conveniently located near Korea's largest industrial areas with many opportunities for joint ventures and mutual cooperation agreements. The zone has an excellent land and air transportation network that efficiently connects it to all other important business areas in the peninsula. Early 2007, a total of 16 berths in Gwangyang Port will be capable of handling 4 million containers (TEU) per year. When it is completed by 2011, Gwangyang Port will have available 33 berths with a total capacity of 9.33 million TEU. The container yard (CY) will have a total length of 11 kilometers and a width of 640 meters which allows for a 24 hour 365 day totally ondock system. The port can easily accommodate large container vessels with an average depth of 20 meters at the channel and 16 meters at its berths.
Yeosu Airport operates over 3,500 flights annually. GFEZ also has a new road system that interlinks all the districts together and is interconnected to all major roads within Korea. As for railroads, the Jeolla Line has several passenger and cargo stops through the area and is one of the best in the nation.
GFEZ is looking for foreign competitive companies to share its many benefits and fulfill all their needs.
A total of 26,600 employees at 240 companies within six industrial complexes are in operation in the Gwangyang Bay Area. Construction of Yeosu National Petrochemical Industrial Complex was commenced in 1967 and began its operations in 1974. It is home to 149 global companies (petrochemical 92, machinery 25, and non-manufacturing 16). It produces 42% of total fertilizer production, 26.2% of total oil production, and 53% of total petrochemical product production in Korea.
Construction of POSCO Gwangyang Steelworks was commenced in 1982 and began its operations in 1987. It is home to POSCO Gwangyang Steelworks and 29 partner companies. It produces 17.5 million tons of crude steel per year, and exports its steel products all over the world.
GFEZ offers foreign investors the most suitable business environment for successful business operations.
Broad supports for housing, education, and health services are provided to foreign investors guaranteeing a pleasant expatriate living experience. Moreover, the many tourist and cultural sites scattered throughout the area will enrich their lives tremendously.
The initial expenses for foreign investors are greatly reduced by offering the best investment incentives in Northeast Asia. GFEZ offers the best possible business environment with the lowest associated living cost among the major port cities in Asia and also in the long run it offers greater tax incentives than China, Japan, Hong Kong, or Singapore.
Furthermore, all processes and procedures for investment, from consulting to kick-off, will be supported by a dedicated Project Manager (PM). Authorization and licensing work conducted by local autonomous bodies will be integrated into one process within the GFEZ Authority. Official documents are issued, received, and processed in English to enhance the convenience to foreign companies and individuals.
Major Results
Since its inception in 2004, the GFEZ Authority has held over 50 overseas Investor Relations seminars throughout Asia, the Americas and the European Union, along with more than 25 domestic road shows. There were a total of more than 500 consultations with potential investors. As a result, US$368 million in investments have been secured from 11 companies. MOUs with another 50 companies have been signed, and when concluded, they would amount to US$2.23 billion. Three foreign companies are moving into the Gwangyang Port's hinterland zones, and another four into the Yulchon Industrial Complex.
