Government officials, corporate executives and investment experts gathered at the Korean Free Economic Zones Business Day 2015 in Seoul on Wednesday to discuss ways to attract more foreign investment and international firms to the areas.

Some 200 representatives including the commissioners of Korea’s seven free economic zones ― Daegu Gyeongbuk, East coast, Busan-Jinhae, Incheon, Chungbuk, Gwangyang and Yellow Sea ― as well as officials from embassies and chambers of commerce attended the meeting hosted by the Ministry of Trade, Industry and Energy and the FEZs.

Under the theme of “The role of free economic zones in turbulent era for global investment environment,” the participants addressed current challenges and pending issues, including strategies to revamp and relax regulations to nurture a business-friendly environment.

“By utilizing the free economic zones as platforms, I expect that the world’s sixth-largest trading country Korea will become a major Northeast Asian economic hub,” said Lee In-ho, deputy minister for international trade and investment.

Lee also called on foreign business leaders to invest to build a high-value production base in Korea.

Since the government designated Incheon as its first FEZ in 2003, the country has established seven such areas nationwide aiming to strengthening business competitiveness and promote balanced regional development.

“The FEZ should become an exemplary case of a business ecosystem that allows fair competition with bold deregulation and openness,” said Song Hee-yeon, chief of Asia Development Institute.

By Park Han-na (hnpark@heraldcorp.com)