East Coast Free Economic Zone
East Coast Free Economic Zone (EFEZ)
The East Coast Free Economic Zone (EFEZ) is a special economic zone aimed at building the east coast region of Gangwon state as an economic hub of the Pan-East Sea region by promoting the tourism and leisure industry, establishing an international logistics and business complex, and building an international city.
- Location : Gangneung and Donghae
- Period : 2013 to 2024 (12 years)
- Key industries for attracting investment : tourism & leisure, advanced materials & parts, new and renewable energy (hydrogen), etc.
Optimal location for investment in the east coast region
We guarantee a wide range of business activities by offering various tax benefits,
easing regulations for free economic activity, and providing a convenient living environment and convenient administrative services.
Convenient and well-organized transportation and logistics infrastructure
It is a comprehensive logistics hub in Northeast Asia with excellent domestic and global logistics conditions and extensive transportation networks.
Road
It takes 2 hours 30 minutes
to get to Donghae from Seoul.
Railways
It takes 2 hours 30 minutes
to get to Donghae from Seoul.
Airport
Official airport for the PyeongChang
2018 Olympic Winter Games
※ Yangyang International Airport
Port
A general logistics hub as
a port for northern trade
Abundant non-ferrous metal resources
A cluster dedicated to non-ferrous metal resources has been created to make it an optimal investment location for the high-tech materials industry.
1
Korea’s largest mineral reserves (Gangwon state)
- Tungsten and titanium
- 43% of national production of silicate
- 63% of the national production of dolomite
- 26 million tons of rare earths in Hongcheon and Yangyang
2
Creation of an east coast non-ferrous metal cluster
- Secured anchor companies
- EFEZ (Okgye District) specializing in lightweight materials
- Project to build the infrastructure for the advanced materials and parts industry in Okgye
3
Establishment of an energy and resource belt in the east coast region for the era of unification
- Proposal of a new model for inter-Korean economic cooperation
- 200 kinds of useful mineral resources in North Korea
Promoting the hydrogen energy industry based on an optimal base
We will lead the global hydrogen industry by creating an ecosystem for the entire life cycle (production, transport, storage, and utilization) of the liquid hydrogen industry.
1
Designation of a liquid hydrogen deregulation zone
- Demonstration of liquid hydrogen production and storage product charging stations and mobility technology and preparation of safety standards
2
Creation of a liquid hydrogen storage and transportation cluster
- Creation of a large-scale liquid hydrogen industrial complex
3
Development of hydrogen city infrastructure technology
- Development of hydrogen production and storage technology using water electrolysis
4
Formation of a hydrogen energy-based new town
- Establishment of liquid hydrogen-based large-scale housing complex
Optimal industrial infrastructure
A small but remarkable East Coast Free Economic Zone (EFEZ) with excellent infrastructure!
1
Stable energy and water supply
- Secured a thermal power plant and 6 substations
- Introduction of district heating and new and renewable energy
- Industrial water supply, wastewater treatment plant, and sewage treatment plant
2
Affordable rent
- Industrial land in the Okgye District : 480~2,400 won/m² in annual rent
- Long-term rental complex in the Bukpyeong District : 1,020 won/m² in annual rent
3
Global anchor companies, R&D facilities, and nearby industrial complexes
- Various research institutes and companies, establishment of industrial complexes, etc.
Excellent marine tourism throughout the year
We will build an innovative ecosystem for the tourism and leisure industry incorporated with ICT technology based on the beautiful and pristine natural environment.
1
Gyeongpo Beach and Coffee Street
- Walk along the coast to get to Anmok Beach, which is famous for its beautiful coffee street.
- Gyeongpo Beach, with dazzling sand stretching 1.8 km along the east coast, is a gorgeous sight to behold along with the nearby pine forest.
2
Gangneung Danoje Festival
- As a traditional festival shedding light on the history and lives of the people of Gangneung, the Gangneung Danoje Festival has been selected as UNESCO Intangible Cultural Heritage in recognition of its cultural originality and outstanding artistry.
Okgye District, an advanced material and parts industrial district
Creation of an advanced materials and parts industry cluster with world-class technology and competitiveness
Investment conditions
- Optimal location for the advanced materials industry that utilize domestic and foreign resources
- Optimal location for nurturing non-ferrous metal material businesses based on resource cooperation with North Korea, China, and Russia
- Secured trade ports necessary for the export and import of non-ferrous metals such as Donghae Port and Okgye Port
- Secured connectivity with domestic industries by improving land transport routes such as roads and railroads
- Secured optimal industrial infrastructure such as electricity, water, and LNG supply
- Creation of an ultra-lightweight non-ferrous metal cluster
- Specializing in lightweight materials such as titanium, magnesium, and aluminum
- Enhanced convenience of international shipping using the northern sea route
- Technical support from nearby R&D centers
- Located in the vicinity of Gangwon Techno Park and the Gangwon headquarters of the Korea Institute of Industrial Technology (KITECH)
- Utilization of the R&D centers’ new material development technology
- Technical support for non-ferrous metal research
Key Details
LocationOkgye-myeon, Gangneung
Main functionAdvanced materials and parts industrial complex
Development scale0.38km²
Estimated rent480~2,400 won/m² in annual rent
Public facility site180,132m²
Industrial facility site152,497m²
Research facility site50,399m²