Officials of the Zamyn-Uud Free Zone Governor’s administration held an online meeting with counterpart of the Incheon Free Zone of Korea / June 28, 2021 /.
The meeting was attended by B.Sergelen, Head of Governor’s administration of “Zamiin-Uud” Free Zone, B.Odbayar, Vice chairman of the Governor’s administration, S.Batbold, Head of foreign relation department and other officials, from Korean side, Mr. Kim, Taegwon (the Director General of the Bureau of Investment Inducement of IFEZ) Mr. Jeong, Kyoungwon (the Director of the Investment Planning Division) Official of SmartCity Division of IFEZ (TBC) Officer of External Affairs (Mr. Kim Seonghwan) participated.
During the virtual meeting, presentations were made and from Mongolian side, B.Odbayar, Vice chairman of the Zamiin-uud Free Zone Governor’s administration provided detailed information on the legal environment of the “Zamiin-Uud” free zone, infrastructure and development works, and ongoing projects and programs, and from Korean side, Mr. Jeong Gyeong-won, Director of Investment Planning made introduction of Incheon Free Zone.
At the end of the meeting, the Zamiin-Uud Free Zone expressed its interest to study the experience how Incheon Free Zone of Korea attracted foreign investment and its technology and know-how developed in parallel production and services in the free zone, “Smart City” solutions and technology transfer, and exchanged views on how to expand and develop cooperation.
Korea first set up the free zone with the main goal of “accelerating regional development and attracting foreign direct investment to the local region.” In 2003, the Incheon Free Zone was opened based on a busy airport and seaport, and since then, six free economic zones have been successfully developed to suit each local region. As of 2018, 5,250 companies were operating in the free zones of Korea and attracting $ 178 billion in direct investment, while the Incheon Free Zone alone attracted $ 13 billion.
