South Korea to reduce size of free economic zones.

28/12 Tass 101

SEOUL, December 28 (Itar-Tass) -- South Korea plans to reduce the size
of free economic zones (FEZ) due to their low level of profitability and
low rate of development, South Korean Vice Minister of Knowledge Economy
Park Yong Jun said here on Tuesday.
In recent years, the South Korean government has been actively engaged
in creating and developing free economic zones on the territory of the
country with the aim of attracting foreign investments.
At present, six free economic zones with 93 different subdivisions
with a total area of 571 square kilometres are operating there. "However,
now the government prepares a bill envisaging to cancel the FEZ status of
12 subdivisions which are considered to be excessive," the vice minister
stressed. The reduction, in particular, will include the district of the
capital international airport Incheon and the so-called green belt of the
free economic zone Pusan.
-0-ast