Gangwon Province is the tourism center of Korea and one that offers diverse recreational activities, including sightseeing. A current claim to fame is that the province is set to host the Pyeongchang Winter Olympic Games in 2018.
An important part of the area is the East Coast Free Economic Zone (EFEZ), which was officially designated in February to serve as a new growth engine for the province. In terms of future investments, there are plans to invest a total of more than KRW 1.3 trillion (USD 1.2 billion) by 2024 to develop the 8.25 km2 area of Gangneung and Donghae.
This area will be divided into the Donghae Bukpyeong ICI District, Mangsang Flora city, Gangneung Okgye Advanced Materials Convergence Industrial District and Gujeong Zero-Carbon City.
Bukpyeong District
The Bukpyeong ICI District will be developed into an international business district in Songjeong-dong and Danbong-dong of Donghae, centering on Donghae Port. It will include a ferro-alloy industrial site, distribution facilities, logistics businesses, foreign companies, housing for foreigners and manufacturers of advanced parts and materials. As Donghae Port offers connections to three surrounding countries, this area is expected to quickly emerge as the logistics center of Northeast Asia, especially considering the gradual economic growth of Korea, China, Japan, the easternmost region of Russia and the opening of the era of the North Pole Route.
Mangsang District
The Mangsang Flora City District will be founded in Mangsang-dong as an international tourism and leisure area for industrial and business support. This district will be created as a luxury water sport and recreational center in association with the surrounding tourist sites on the East Sea, including Mangsang Beach. To this end, an international recreation complex containing a theme park, luxury accommodation facilities and spa therapy center will be built in the first stage of development. In the second and third stages of development, a comprehensive water sports complex containing a golf course and a marina will be built.
Okgye District
The Gangneung Okgye Advanced Materials Convergence Industrial District will be cultivated as a center of the advanced materials industry through the creation of a non-ferrous metal cluster, including facilities for magnesium, titanium and zirconium. Okgye District, established around the Okgye IC, is set to consist of a site for new materials facilities and one for research facilities. POSCO is currently operating a magnesium smelter in the first rural industrial complex and scheduled to construct a zinc smelter in the second rural industrial complex.
The largest domestic non-ferrous metal companies are already residents of the Okgye District, which will soon play a key role in the advanced materials industry, as it is near the Okgye Port, providing convenient access to abundant non-ferrous metal resources from Northeast Asian countries. To this end, there are plans to actively attract non-ferrous metals smelting companies as well as other associated companies and research and development centers.
Gujeong District
As the key residential area of EFEZ, Gangneung Gujeong Zero-Carbon City will be founded to ensure ease of investment and economic activities for foreigners. It is set to be established in connection with a trial green city in Gangneung. Sites for low-story, lowdensity single detached houses and public housing have been set aside and there are also plans to create a pleasant living environment by increasing the ratio of green spaces, including a neighborhood park at the heart of the district and a waterside park. Also, Gujeong District will serve as a center of education, culture and medical services in EFEZ and have foreign schools, a hospital for foreigners and residential and commercial facilities.
Gangwon invites you to enjoy various tax benefits, softened regulations for free economic activities, convenient living environments and simple administrative services in the East Coast Free Economic Zone. Your future lies with EFEZ.
