Go to contents

Vice Minister: 6 Free Economic Zones to Be Downsized

Posted August. 07, 2010 11:55,   


The government said Friday that it will downsize the country`s six free economic zones only with consent from municipal or provincial governments.

Vice Knowledge Economy Minister Kim Young-hak said Seoul will not unilaterally shut down the zones but make decisions after consulting with municipal and provincial government that want to cancel zone designations. He said this after regional authorities protested the central government’s plan to inspect the zones and cancel those that attracted little foreign capital.

“For unpromising free economic zones, the central government will persuade relevant regional authorities to downsize or close the zones,” Kim said. “However, we will not force cancellations against their will.”

Certain regional authorities want the zones under their jurisdiction to be canceled so that they can freely develop those areas, he said.

No municipal or provincial government has reportedly asked the ministry to revoke the zone designation of their areas. The ministry will also consider restructuring or downsizing the zones after consulting with regional authorities and people.

Kim also canceled a luncheon meeting Friday with the heads of free economic zone development authorities, saying it could cause an “unnecessary misunderstanding.”