South Korea Free Economic Zones 2024 Investment Jumps 14.4% as Hubs Expand
Investment in South Korea Free Economic Zones grew 14.4% in 2024, with Incheon leading at 44.9% of tenant companies. Employment also rose 8.8%.
A 14.4% surge in investment signals that South Korea's Free Economic Zones (FEZs) are evolving into more than just regulatory sandboxes—they're becoming the nation's primary growth engines. According to data from the Ministry of Trade, Industry and Energy, the number of operating companies in these zones grew 4.4% in 2024, driving massive gains in both employment and capital influx.
The 2024 Investment Surge in South Korea Free Economic Zones
By the end of 2024, the total number of firms within the FEZs reached 8,590, up from 8,228 a year earlier. The impact on the labor market was equally impressive, with employment increasing by 8.8% to reach 254,775 people. Total investment hit approximately 5.9 trillion won ($3.99 billion), underscoring the zones' appeal to both domestic and international investors.
Regional Dominance and Foreign Capital Influx
Geographically, the Incheon Free Economic Zone remains the dominant player, accounting for 44.9% of all tenant companies. It's followed by Busan-Jinhae at 28.4% and the Daegu-Gyeongbuk region at 12.2%. Foreign interest is also on the rise; the number of foreign-invested companies grew by 8.2% to 690, while their direct investment climbed 4.3% to 3.8 trillion won.
Free economic zones continue to show steady growth and are strengthening their role as hubs for foreign investment and regional economic development. We'll identify specific challenges and actively support corporate activities.
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