World Economy

S. Korea FEZ Seeks Momentum

S. Korea FEZ Seeks MomentumS. Korea FEZ Seeks Momentum

The Incheon Free Economic Zone pledged to enhance its competitiveness by strengthening its foothold as an international business-friendly zone for service, tourism and bio industry, aiming to attract $930 million worth foreign direct investment this year, Yahoo reported. Foreign investment registered for the IFEZ, South Korea’s first free economic zone, stood at $1.206 billion in 2015, accounting for 9% of the country’s outstanding FDI, according to the IFEZ Authority. The Korea-China free trade agreement which went into effect in December is expected to help facilitate more Chinese investment in the zone, comprised of the three regions of Songdo, Cheongna, and the island of Yeongjong.