South Korea designated four new free economic zones (FEZs) in a bid to promote growth and exports and to attract more foreign investments, South Korea's Ministry of Knowledge Economy said Monday.

The ministry said various tax breaks, waivers on import duties and state support for the building of plants and logistics bases will be offered to the newly designated Ulsan, Gimje, Pohang and Pyeongtaek-Dangjin zones.

In Ulsan and Gimje region, a total of 331.2 billion won (225.9 million U.S. dollars) will be allocated over the next six years, which could create more than 1,700 new jobs and increase annual production by 242.4 billion won (165.3 million U.S. dollars), the ministry said.

Ulsan, home to Hyundai Motor Co. and Hyundai Heavy Industries Co., is to be built into a high-tech logistics, trade and production hub for the country's southeastern region.

Gimje is to be developed into a center for auto parts, machinery and reusable energy.

In Pohang and Pyeongtaek-Dangjin, the major two sea ports, freight handling capabilities are to be increased by an average 850,000 twenty-foot equivalent units annually.

The ministry added 12,400 jobs are expected to be created for these regional economies.

The ministry also said it plans to expand the size of Busan and Gwangyang FEZs to make them more attractive for foreign and domestic investors who wish to increase logistics bases in the country.

In addition, the Masan Free Trade Zone will receive 135.6 billion won (92.48 million U.S. dollars) between 2009 and 2014 to modernize its industrial and logistics infrastructure, the ministry said.

The ministry expected that funds for Masan will increase production by 135.1 billion won (92.1 million U.S. dollars) per year and create more than 1,000 new employment opportunities.

(Xinhua News Agency December 8, 2008)