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Gwangyang cost-free financial zones was specified in Oct 2003, depending on The federal government?�s intend to establish the realm as a company stronghold from the Northeast Asian area. By advantage of its area at the middle of maritime logistics within the Northeast Asian area, GFEZ has the economic infrastructure as well as a aggressive edge.

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Busan Mayor Park Hyung-joon reported, "The generation of the British cultural village is usually a image of simple joint cooperation with the UK and will play An important role in developing a world settlement environment as well as strengthening the international education Basis for long run generations."

Myeongji International City, situated during the southeastern area of Busan-Jinhae FEZ, will be designed into an international company Heart containing The thought household complexes, public establishments, multinational companies and international schooling establishments that can fulfill the expectations on the people relocating in visit within the West Busan region.

Concentrate on companies : International small business complexes, housing for foreigners, foreign educational institutions and hospitals for foreigners

The settlement aims to produce a "British Cultural Village" centered around the Myongji District, like household facilities reflecting British architecture, cultural facilities for example British streets and general performance and exhibition spaces, and commercial facilities that give British isles-unique shops and international health care products and services.

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Supported by the various deregulation and assistance insurance policies, Gwangyang absolutely free economiczone has formulated into a good surroundings for corporations and is particularly considered for being the forerunner from the Korean totally free financial zones.