East coast Free Economic Zone ― the Key Word for Successful Business
What is East coast Free Economic Zone (EFEZ*)?
EFEZ, designated as one of Korea Free Economic Zones in 2013, is to actively induce foreign direct investment by guaranteeing free business activities and to build the East coast area as an economic hub of Northeast Asia by developing the high-tech green material industry and global tourism and leisure industry; and by establishing global logistics and business complexes.
EFEZ Project Overview
- Designation: Feb. 4, 2013 (Ministry of Knowledge Economy. No. 2013-35)
- Project cost: $1,809million USD
- Period: 2013 - 2024
- Project area: 12.53㎢. (4 Districts: Bukpyeong, Mangsang, Okgye, and Gujeong).
Bukpyeong International Logistics & Business Complex
- Logistics and business center in Northeast Asia
- Best place for foreign investment in east coast of Gangwon
- Ferroalloy and component industries using local resources
Mangsang Four-Season Best Marine & Tourist Complex
- Tourism and leisure hub
- International tourism destination with 2018 PyeongChang Winter Olympic Games.
- Optimum conditions for a year round leisure complex
Okgye Non-ferrous Metal & Advanced material District
- Best place for ultra light advanced material industry using abundant local underground resources
- Korea’s largest nonferrous metal cluster
Gujeong Global City
- Global city with foreign education institutions, hospitals, and culture facilities
- Business complex including shopping and commercial facilities
- Easy access to Seoul metropolitan area (90 minutes).
- ①Rich nonferrous metal resources. Best location for ultralight material industry.
- ②Compact size and excellent connection among 4 districts locating within 30 minutes
- ③International tourism city with beautiful environment.
- ④Well equipped infrastructure and improved transportation
- ⑤Maximized domestic and international promotion & marketing through the 2018 winter Olympics.