YESFEZ to Focus on Knowledge, Creativity
YESFEZ to Focus on Knowledge, Creativity
  • Lee Kyung-min
  • 승인 2009.11.25 12:09
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Plan of Yellow Sea Free Economic Zone

The Yellow Sea Free Economic Zone (YESFEZ) will be developed into a knowledge creative economic zone centering on key industries, a top official of the YESFEZ said.

"By strengthening competitiveness of value added logistics and bolstering high-tech production, we will develop an industry-focused economic special zone in the Yellow Sea region," said Kim Sung-bae, commissioner of YESFEZ.

In an interview with the Korea IT Times, Kim said, "The Yellow Sea region boasts the best conditions for attracting foreign investors as it could combine highly-educated R&D power and the huge capital of the metropolitan area with the affluent production of the provincial region. Based on such favorable conditions, we have set the three targets - construction of a global-level advanced technology cluster, creation of an advanced base for exports and imports with China, and the fostering of value added logistics."

Yellow Sea Free Economic Zone

Kim also said that YESFEZ has adopted a network-type development method which seeks to enhance national competitiveness through the merger of metropolitan and provincial regions and the pursuit of balanced development simultaneously.

"YESFEZ also has many favorable factors to attract foreign investors, including geographical conditions similar to the metropolitan area, relatively cheap land prices, and high-quality labor forces," said Kim.

Development Plans by District

YESFEZ will develop five districts - Poseung and Hyangnam in Gyeonggi Province and Songak, Inju and Gigok in South Chungcheong Province - that are regarded as the best places for Korea's trade with China.

"Poseung district will be developed into high-tech industrial estate centering on auto parts and the electronics and information industry," the commissioner said.

It will actively foster Hyangnam district as a bio-centered industrial estate such as electronics information, medical instruments, and bio medicines.

R&D functions will be assigned to Songak district, the center of YESFEZ, by fostering industrial function of auto parts and engaging in research & development activities.

Inju district will house the electronics and information industry and leisure & tourism facilities, including golf courses, to attract foreign tourists and investors.

"Advanced auto cluster will be built and new and renewable energy and low carbon green growth-related industries will be fostered in Gigok district," Kim said.

PR Activities and Attraction of Foreign Investment

YESFEZ signs MOU with US investment

"We have been carrying out PR activities focused on heralding the brand of YESFEZ. In particular, we have tried to benchmark success cases of advanced countries and held a series of overseas investment explanatory meetings to lure foreign investors," said Kim.

Noting that YESFEZ has so far concluded two cases of memorandum of understanding (MOU) and received seven cases of letter of intents (LOI) for foreign investment, totaling $378 million, the commissioner said, "We will continue striving to attract sustainable and high-end green growth industries, while creating competitive industrial estates."

YESFEZ got $380 million worth of LOIs from seven Chinese and American companies doing business in new & renewable energy, auto parts, hotel, logistics & tourism, and global logistics & distribution sectors.

Four Plans for Specialization of YESFEZ

"First, we will maximize linkage effects between industries or within industry by establishing pool of companies in industrial estates and nearby regions," said Kim.

"Secondly, we will develop a variety of services supporting enterprises, including R&D function and consultations for carbon reduction, while providing one stop support service for development and authorization & approvals," he said.

To attract foreign investors, Kim continued, YESFEZ will create favorable environment for education, culture and medical services by establishing various education and medical facilities and offering online information service for daily life.

"Finally, we will build a variety of transportation infrastructure and strengthen logistics function to activate attraction of competitive and sustainable industries," said the commissioner.

Strategic Industries to be Fostered by YESFEZ

YESFEZ has mapped out a plan to actively foster automobiles, green car, semiconductors, IT convergence, new & renewable, electronics information and bio sectors as strategic industries, Kim said.

"High-tech automobile industry will be actively fostered in the area linking Gigok, Songak and Poseung. In the region linking Inju, Poseung and Hyangnam, electronics & information, bio and pharmaceutical sectors will be developed," said Kim.

Commenting that Poseung district will play a function supporting YESFEZ by housing hotels, casinos and complex & commercial buildings, the commissioner said, "Inju district will be developed into a stronghold for rest, leisure and tourism by possessing golf courses and fairway villages."

In the Yellow Sea region, such industrial clusters as automobiles, IT, bio and LCD have been already established, casting the bright prospects for YESFEZ, he said.

Kim Sung-bae, commissioner of YESFEZ

Question:  Do you have any plan to expand infrastructure in the Yellow Sea Free Economic Zone

Answer:First of all, we will build wide-area traffic network to link the No. 2 western coast expressway, the Dangjin-Cheonan expressway, the Dangjin-Daesan expressway, and general roads.

Along with this, we will construct an inland transportation system through expansion of industrial railroads, including western coast double track line and the Pyeongtaek-Poseung industrial railroad.

Q: Would you introduce a roadmap to attract domestic and foreign investment

A: We plan to actively attract 17 industries in the three sectors _ green technology, advanced convergence industry and high value added service, which were designated as the future-oriented growth engines.

To let YESFEZ be reborn as a stronghold for international cooperation in state-of-the art industries, we will build a variety of education and medical service facilities, foreign universities, cultural facilities, parks and golf courses, as well as hotels, convention centers and shopping centers.

Q: Would you make comments on the plan to create favorable corporate management environment and living conditions

A: To bolster its function as a harbor supporting the metropolitan and central part regions of the country and promote Korea's trade with China, we will create value added logistics facility estate and build a network exclusively dealing with international logistics services in Northeast Asia.

At the same time, we will provide "package-type corporate support services," which cover financing, fostering of professional manpower, education and residential environment, and create an advanced complex estate for manufacturing that could offer land at low prices.

In addition to present tax supports from the central government, YESFEZ plans to expand the tax reduction period and scope of such provincial taxes as acquisition, registration and property taxes, for foreign investors in the region.


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