The inconvenience and confusion of separately operated ‘Free Trade Areas’ and ‘Customs-Free Zones’ will be put to an end by operating both districts together.

The government has amended the whole ‘Free Trade Area Law’ to combine the manufacture industrial ‘Free Trade Area’ with the logistic centered ‘Customs-free Zone’. This is to improve foreign investment environments and help develop a systematic base for Korea to grow as an economical and physical distribution hub of Northeast Asia.

Associated bureaus such as the Ministry of Commerce, Industry and Energy and Ministry of Finance and Economy has made an agreement and the revised bill provided by the government has gone through State Council on Nov. 18 and is planned to be submitted to the National Assembly.

(Middle omitted)

Free Trade Areas in Korea are Masa, Iksan, Gunsan, Daebul and other areas and total area is about 1.15 million pyeong. Customs-Free Zones are Busanhang, Gwangyanghang, Incheonhang and other areas and total area is about 1.33 million pyeong but an additional 1.03 million pyeong will be added after Incheon International Airport is designated as a Customs-Free Zone.

Source: Ministry of Commerce, Industry and Energy, November 18, 2003