Business & Relocation in Korea? Great start on choosing FEZ and High Tech Parks

SEOUL: China has done the same : Free Trade Zones and High Tech Parks with incentives on boost for new companies and research centres can represent a good start for business relations set up mostly on concrete and international dimension. But comparing with China, a such big country that it’s finished on being involved on diversified promotion of FEZ with different steps and without clear and univocal strategy, Korea is structuring a neat way on introducing worldwide  new opportunities for  reasearch and technical fields that Seoul is already planning from more than 10 years ago.

If we check  the official statements issued recently by Korea Investment Service Center, the korean market will be ready soon to host new investments and companies in behalf of six FEZs that present different qualities and diversified opportunities for new potential investors. If China followed a multi – regional strategy, keeping constantly attention to improve rapid business relationships, it doesn’t matter if these have been arranged without univocal perception on introducing factors of attraction, Korea is going ahead slowly but with  a more conscious behaviour, keeping on first step the value that it could represent such harmony of intentions.

We’re talking about one of most intensive policies for recostruction of system for the attraction of international investments that has never been done before. The deadline fixed for the completion of each park with full – hospitality for new companies in the new structures as real ambitious aim – it’ll be the 2020, but the 6 areas have been already designated on around 2002 and 2003 with first opening between 2008 and 2010.

So it seems that the time has finally come… Even if the opportunity to start new approaches with those korean companies already on operative step in these areas, is really concrete and could become useful to make the first step this market with solid partners, it seems really hard to find out high detailed info or discuss with advisors involved on such dynamics.

That’s why I’ve started recently to analyze the data issued by some centres mainly focused on providing updated researches about ZES and High Tech Parks in Korea. ADMEA is following several improvement process about  connections with universities, public administrations in Europe (in particular Italy) in new negotiation / approach with counterparts in Korea;  on doing so i’m really aware about  the importance that commercial or mutual research relations could consolidate among companies that start to communicate in such dimension. Moreover I know that It could be not just bilateral relation between corporates, but I’m sure that on FEZ are tightly involved local governments, institutions, universities and media. For company or multinational, on being in the midde of internationalization programs that are focused mainly on FEZ or some high tech parks (always connected on FEZ’s policies)  could be useful to be launched on cross mediated and more wide dimensions than a simple bilateral transaction between two companies.

We can consider the follow FEZ as core project of Korean government in these years:

  • IFEZ(Incheon Free Economic Zone)
  • BJFEZ(Busan-Jinhae Free Economic Zone)
  • GFEZ(Gwangyang Bay Free Economic Zone)
  • YESFEZ(Yellow Sea Free Economic Zone)
  • DGFEZ(Daegu/Gyeongbuk Free Economic Zone)
  • SGFEZ(Saemangeum Free Economic Zone)

We’ll introduce each FEZ on details on next analysis but if we want to sum up several features we can proced as follos:

The Free Economic Zone of Incheon is only 8km from Inchon center city, 20 km from central Seoul, is adjacent to Incheon port, and only 60 to 90 minutes distance from various major cities of the capital area. It includes Songdo (business IT·BT), Yeongjong (logistics, tourism), Cheongna(business/finance, tourism and leisure, advanced industry).  The Free Economic Zone of Busan is located at the heart of Korea’s Southeastern Industrial Belt. This area has played a significant role in Korea’s economic growth over the past 40 years. The BJFEZ is a port and logistics hub that will become an envrionmentally-friendly Northeast Asian logistics and business center. It’ll be structured mostly  during the next 5 / 6 years and it’ll be consist of  5 areas and 21 districts: New Port, International Business Town (Myeongji), High-tech & Manufacturing Area(Jisa), Mechatronics, Education & Research Area (Dudong) and Tourism & Leisure Area (Ungdong).

The Gwangyang Bay will represent the direct connection for logistic affairs with China: it’s the best logistics location in Northeast Asia due to its close proximity to the major ports in the region, its inexpensive port costs, and its future multimodal connections into China. Instead the Yellow Sea Free Economic Zone is focusing is activity on attraction of activities useful for R&D in strict connections with universities (in particular chinese private univ and new business centers that could invest to manage relocation of human resources for such research and developments hubs); lastly  the Daegu/Gyeongbuk Free Economic Zone and the Saemangeum’s one are improving their services to offer great solutions with relaxed regulations and customized facilities to global companies looking to expand into Asia. In particular SGFEZ aims to become a regional focal point for next-generation industries such as new renewable energy, as well as leisure and tourism.

ADMEA is collecting info and contacts of companies that are structuring their activities in this parks and we’re analyzing their profiles and their strategies. Our activity aims to create the useful b2b platform to consoldate quick advisory and rapid connection with partners really interested on mutual comparison and strategies on operating into such high potentiality areas.

Dr. Paolo Cacciato

p.cacciato@adm-ea.com

 

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