This picture offered by the Incheon Free Financial Zone company reveals Songdo Worldwide Metropolis in Incheon, west of Seoul. Korea Occasions file
The variety of corporations working in South Korea’s free financial zones rose 4.4 p.c from a yr earlier in 2024, driving good points in employment and funding, the {industry} ministry mentioned Sunday.
A complete of 8,590 corporations have been working within the nation’s free financial zones on the finish of 2024, up from 8,228 companies a yr earlier, in accordance with knowledge from the Ministry of Commerce, Business and Sources.
Employment at these companies elevated 8.8 p.c on-year to 254,775 folks as of end-2024, whereas funding climbed 14.4 p.c to about 5.9 trillion received (US$3.99 billion).
By area, the free financial zone within the western metropolis of Incheon accounted for the most important share of tenant corporations at 44.9 p.c, adopted by the one in Busan and Jinhae within the southern area at 28.4 p.c, and the zone within the southeastern metropolis of Daegu and North Gyeongsang Province at 12.2 p.c.
Overseas-invested corporations totaled 690, up 8.2 p.c from a yr earlier, whereas their overseas direct funding rose 4.3 p.c to three.8 trillion received.
“Free financial zones proceed to indicate regular progress, and are strengthening their position as hubs for overseas funding and regional financial growth,” a ministry official mentioned. “We are going to carefully establish region- and industry-specific challenges, and actively assist company actions and funding.”
Free financial zones are areas the place the federal government eases laws and gives incentives to make it simpler for corporations to take a position and function, with the purpose of attracting overseas funding and selling superior industries.
