The Gwangyang Bay Area Free Economic Zone Authority (GFEZ) announced last week that the Korean government will fund KRW 750 million to the zone. GFEZ’s excellence was recognized at a performance evaluation of free economic zones by the Ministry of Trade, Industry and Energy (MOTIE) from March to June.

The annual evaluation, which was introduced in 2010 to facilitate free economic zone development and attract foreign investment, is held by MOTIE.

Objectivity of the evaluation was reinforced this year with new district assessment system and more.

The GFEZ has less favorable social indirect facilities and is located far from the capital area. However it is showing a strong performance with active foreign investment.