Kwangyang applies for CFZ

The City of Kwangyang in South Cholla province submitted an application to the Ministry of Maritime Affairs and Fisheries (MOMAF) for classification as a Customs Free Zone (CFZ), said the city on August 27.

The application form was delivered to the Maritime Logistics Division at MOMAF by Kwangyang Mayor, Ok-hyun Kim. Mayor Kim asked that the city of Kwangyang be designated as a CFZ as soon as possible.

This is the first application since the CFZ law was passed in December 1999. The area under consideration measures 1.54 million square meters. It consists of first and second phase container terminals and on-dock rail areas. The city also called for the CFZ designation of the eastern side of the container port, which is still under construction.

The city expects that if some parts of the port are designated as CFZ by the end of this year, local domestic industries will be indirectly stimulated along with port restructuring efforts. They also anticipate direct benefits to cargoes levels, local employment, and efforts to secure foreign capital.

Besides Kwangyang, the City of Pusan and Inchon are also preparing CFZ applications.