The Korean East Coast Free Economic Zone or East Coast FEZ is a 4.47 km
2 economic zone Economic zone may refer to:
* Exclusive economic zone, an area of sea over which a sovereign state has special rights
* Special economic zone
A special economic zone (SEZ) is an area in which the business and trade laws are different from the ...
on development, located in the
Gangwon-do's East Coast area into the center of the Pan-East Coast economic belt. The FEZ is focused on advanced green materials industries, global tourism, and leisure industries.
In 2013, The Ministry of Trade, Industry and Energy of Korea launched the development plan. The total cost of the project has been 807.05 billion won and is aimed to be built between 2013 and 2024.
The East Coast FEZ is composed by three districts in the East Coast Port Area:
Guho-dong and Mangsang-dong of Donghae_si, Okgye-myeon of Gangneung_si.
Investments
In 2021, the East Coast received $100 million in
Foreign Direct Investment
A foreign direct investment (FDI) is an investment in the form of a controlling ownership in a business in one country by an entity based in another country. It is thus distinguished from a foreign portfolio investment by a notion of direct co ...
. In January 2022, the chairman of the Philippines'
LCS Group
LCS Group of Companies, also known as LCS Holdings Inc., is a Philippine conglomerate. The LCS Group is founded by Filipino politician Luis Crisologo Singson who serves as its chairman.
Ventures Aviation
The LCS Group operates a charter airline ...
Luis Chavit Singson announced a $100 million investment plan in a residential, commercial, and resort development project in the Mangsang District 1, highlighting its geographically and strategically location on the coastline.
See also
*
Free Economic Zone
*
Free trade agreements of South Korea South Korea has concluded free trade agreements
A free-trade agreement (FTA) or treaty is an agreement according to international law to form a free-trade area between the cooperating states. There are two types of trade agreements: bilateral and ...
*
List of free economic zones
External links
East coast Free Economic Zone
References
Economy of South Korea
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