The Yellow Sea Free Economic Zone(YESFEZ) will build a world-class business environment as the hub of Northeast Asia. It features ideal industrial infrastructure for business activities with Korea's representative automobile manufacturers.
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| ⓒ GYEONGGI PROVINCE |
YESFEZ is home to world-leading chemical, mechanical,
electronic, and automotive companies, and Gyeonggi-do is investing in leveling
up various industries in the region, especially the automotive industry.
What is YESFEZ?
YESFEZ is a free economic zone that fosters high-tech
industries. It is located on the east coast of Gyeonggi-do and consists of the Poseung
District, Hyundeok District, and Siheung Baegot District. It was first
established in 2008 to foster the knowledge-based industries, induce foreign
investment, and establish a trade base with China.
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| YESFEZ is a special economic zone near the Pyeongtaek port in Pyeongtaek City, Gyeonggi-do ⓒ GYEONGGI PROVINCE |
As one of South Korea’s leading special economic zones, YESFEZ is moving onto its next stage of development. With the addition of the Siheung Baegot District, YESFEZ aims to become a high-tech industrial complex, a future-oriented cluster that leads the automotive and transportation industries.
One of the areas of focus of YESFEZ includes eco-friendly cars of the future such as electric cars. Accordingly, the government is
encouraging the growth of the auto parts (including batteries) industry in the
region. Attracting enterprises manufacturing secondary batteries and electric
vehicles will help lay the foundation for creating an eco-friendly,
future-oriented and innovative automotive ecosystem.
In addition, the designation of the Siheung Baegot District
as a free economic zone and its addition to YESFEZ will help the province engage
in the evolution of future-oriented vehicles. The Baegot district is set to
become a research hub for autonomous land, sea, air vehicle development by
2027.
The autonomous vehicle research complex will become a test
site to study and demonstrate various related technologies, and the province seeks
to establish multilateral industrial-academic-research relations and an innovative research ecosystem. This makes the district ideal for stakeholders
seeking to collaborate with universities such as Seoul National University,
Korea Polytechnic University (KPU), Gyeonggi College of Science and
Technology(GTEC).
YESFEZ: Ideal Investment Environment
As a key free economic zone, YESFEZ benefits from convenient transportation infrastructure, valuable human resources, and continuous R&D outlays by the Gyeonggi Provincial Government. The region has become an ideal
investment environment.
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| Direct access to the ocean and maritime transport in Pyeongtaek City, YESFEZ ⓒ GYEONGGI PROVINCE |
YESFEZ is strategically located in an area accessible by sea,
land, and air. It also offers access to 3 airports including Incheon International
Airport.
As for sea access, YESFEZ opens to the Yellow Sea through Pyeongtaek
International Port and Incheon International Port, making it a convenient
industry hub.
In addition, the area is well connected to land destinations via
15 highways, including the Gyeongbu Expressway and West Coast Highway, as well
as 6 railways, including Gyeongbu Line, and Honam Line.
Any successful industrial zone requires great human
resources. Gyeonggi-do is home to 24% of the South Korean population.
Currently, there are approximately 77,300 R&D researchers working in the
science and engineering industry, 65,500 employed in the semiconductor
industry, 34,300 in the display industry, and 71,700 in the automotive industry
of the province. Accordingly, YESFEZ offers access to a multifaceted workforce
and valuable human resources.
In addition, the Gyeonggi Provincial Government’s continuous
investment in the region helps ensure smooth future development. So far, related
government R&D allocations add up to KRW 25 trillion.
YESFEZ & Gyeonggi-do Automotive Cluster
Korea is the world’s fifth-largest automobile producer and intent
on steering the industry towards future-oriented, sustainable, and reliable
solutions.
YESFEZ, which is part of this effort, is situated close to an outstanding automotive cluster formed by major car companies such as Hyundai Motor, Kia Motors, SsangYong Motor, and more. In fact, more than 700 automobile parts manufacturers are located nearby and approximately 8 million vehicles are produced in the province annually (3 million produced overseas).
YESFEZ, which is part of this effort, is situated close to an outstanding automotive cluster formed by major car companies such as Hyundai Motor, Kia Motors, SsangYong Motor, and more. In fact, more than 700 automobile parts manufacturers are located nearby and approximately 8 million vehicles are produced in the province annually (3 million produced overseas).
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Gyeonggi Province is developing a future-oriented automotive
cluster and bringing together economic districts in the cities of Gimpo,Siheung, and Pyeongtaek to achieve this goal. The provincial government plans
to lead the electric vehicle and autonomous vehicle market by actively
utilizing the automobile manufacturing and logistics network of YESFEZ.
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