Korea’s Free Economic Zones:Some Evaluations from Corporate Strategy Perspectives
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Just like companies compete to attract consumers, special zones do to attract investment. Paying attention to this similarity, this paper examines Korea's free economic zones(FEZs) from the perspective of corporate strategy. Firstly, the way to develop FEZs needs to be changed from manufacturing-oriented to mixed-use development, from public dominance to public-private partnership and from cost-oriented to amenities-oriented development. Secondly, Korea’s FEZs are too diversified in many regions. To get strategic focus, they are to be developed sequentially rather than simultaneously. Thirdly, the zones have not developed their own core competence yet. Korea's unique features, including location advantages, globally renowned domestic companies and advanced IT technology can be combined to offer new values or create a blue ocean for investors that rival countries cannot provide. Lastly, the whole system of FEZ development must be restructured to its mission to facilitate the inflow of FDIs. The effective one-stop service and drastic deregulation in administration must be put into practice.
Abstract
Just like companies compete to attract consumers, special zones do to attract investment. Paying attention to this similarity, this paper examines Korea's free economic zones(FEZs) from the perspective of corporate strategy. Firstly, the way to develop FEZs needs to be changed from manufacturing-oriented to mixed-use development, from public dominance to public-private partnership and from cost-oriented to amenities-oriented development. Secondly, Korea’s FEZs are too diversified in many regions. To get strategic focus, they are to be developed sequentially rather than simultaneously. Thirdly, the zones have not developed their own core competence yet. Korea's unique features, including location advantages, globally renowned domestic companies and advanced IT technology can be combined to offer new values or create a blue ocean for investors that rival countries cannot provide. Lastly, the whole system of FEZ development must be restructured to its mission to facilitate the inflow of FDIs. The effective one-stop service and drastic deregulation in administration must be put into practice.
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