Rep. Choi Hyung-doo of the United Future Party, Masan Free Trade Zone Factory Operating Rate Ranks 1st at 98.3%

Among 7 Industrial Complex Free Trade Zones, Ranked 1st in Employment and Total Exports

Choi Hyung-doo (Changwon Masanhappo), member of the United Future Party. [Image source=Yonhap News]

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Choi Hyun-joo] Choi Hyung-doo (Changwon Masanhappo) of the United Future Party announced on the 6th that the factory operating rate of the Masan Free Trade Zone recorded 98.3%, ranking first among the seven industrial complex-type free trade zones.

According to data submitted by the Ministry of Trade, Industry and Energy and the Ministry of SMEs and Startups, among the 117 resident companies in the Masan Free Trade Zone, 115 are currently operating, employing 5,400 people, which is 53.5% of the total 10,098 employees across the seven industrial complex-type free trade zones nationwide.

Furthermore, the export share exceeds $785 million, accounting for 54.6% of the total export amount of $1.438 billion from the seven free trade zones.

On the other hand, the area of the Masan Free Trade Zone is only 957,000㎡, ranking fourth after Gunsan's 1,256,000㎡, Daebul's 1,157,000㎡, and Gimje's 991,000㎡. It was also pointed out that the number of employees per unit area (1,000㎡) in the free trade zone is 564 persons/1,000㎡ in Masan, which is three times higher than the overall average of 175 persons/1,000㎡.

The Masan Free Trade Zone officially began operations in 1971 when the first resident company entered, following the opening of the Masan Export Free Zone Management Office in 1970. In addition, there are a total of 13 free trade zones nationwide, including seven industrial complex-type and six airport-port-type zones.

Rep. Choi said, “The Masan Free Trade Zone is Korea's first export free zone, a high-tech industrial complex exporting over $800 million annually with about 5,400 workers. Given its higher export performance and significant employment growth compared to other regions, we will actively strive to establish a new second free trade zone and promote investment in the future.”

This content was produced with the assistance of AI translation services.