South Korea designates new economic zones

The Ministry of Knowledge Economy said the newly designated Ulsan, Gimje, Pohang and Pyeongtaek-Dangjin Free Economic Zones (FEZs) will contribute to economic growth by offering tax breaks, waivers on import duties and state support for the building of plants and logistics bases. Ulsan, home to Hyundai Motor Co. and Hyundai Heavy Industries Co., is to be developed into a high-tech logistics, trade and production hub for the country’s southeastern region, while Gimje will be a center for auto parts, machinery and renewable energy. The freight-handling capabilities of the Pohang and Pyeongtaek-Dangjin seaports will be increased by an average of 850,000 twenty-foot equivalent units per year, creating 12,400 jobs. (December 8, 2008)