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Chapter 3 Strategies and Policies to Attract Foreign Direct 2016/17 Knowledge Sharing Program (Industry & Trade) with RUSSIA RUSSEZ 2016/17 Knowledge Sharing Program (Industry & Trade) with Russia RUSSEZ Project Title Consulting for the Development of Russian Special Economic Zones (RUSSEZ) Prepared by Asia-Pacific Research Center Supported by Ministry of Strategy and Finance (MOSF), Republic of Korea Korea Trade-Investment Promotion Agency(KOTRA) Prepared for Government of the Russian Federation In cooperation with Russian Special Economic Zones ‘Lotus’ Russian Special Economic Zones ‘Alabuga’ Russian Special Economic Zones ‘Uzlovaya’ KOTRA Saint Petersburg Office Project Directors Won Sok YUN, Executive Vice President for Biz info & Trade, KOTRA Sang Young HONG, Director General, Development Cooperation Office, KOTRA Senior Advisor Dong Kyu SHIN, Senior Advisor of Kim & Chang (Attorneys at law) Project Manager Yi Rye KIM, Researcher, Development Cooperation Office, KOTRA Project Officer Jong Ho KIM, Asia-Pacific Research Center at Hanyang University Authors Gu Ho EOM (Principal Investigator, Director of Asia-Pacific Research Center at Hanyang University) Chapter 1. Hyun Sub BYUN (HK Research Professor, Asia-Pacific Research Center at Hanyang University) Maxim ARBUZOV (Head of Project Management Department of RUSSEZ) Chapter 2. Hong Yul HAN, Professor (Asia-Pacific Research Center at Hanyang University) Ekaterina BRAGINA (Head of Business Development Team of RUSSEZ) Chapter 3. Sung Wook YOON (Professor, Chungbuk University) Ekaterina BRAGINA (Head of Business Development Team of RUSSEZ) Government Publications Registration Number 11-1051000-000800-01 ISBN 979-11-6097-655-7 (93320) 979-11-6097-656-4 (95320)(PDF) Copyright ⓒ 2018 by Ministry of Strategy and Finance, Republic of Korea RUSSIA RUSSEZ 2016/17 Knowledge Sharing Program (Industry & Trade) with Russia RUSSEZ Consulting for the Development of Russian Special Economic Zones (RUSSEZ) 2016/17 KSP RUSSEZ Executive Summary Chapter 1. Sharing Korea's experience for sustainable development, operation and competitiveness of the Russian SEZ Chapter 2. Regional Development for Job Creation and Business Development Chapter 3. Strategies and Policies to attract Foreign Direct Investments in RUSSEZ Preface The Knowledge Sharing Program (KSP), sponsored by the Ministry of Strategy and Finance, is the representative knowledge-based development cooperation program in Korea that supports the economic and social development of partner countries and establishes a friendly economic cooperation base with Korea. KSP has been used strategically for economic cooperation and the demand for creating new growth engines in overseas markets has increased in recent years. As such, KOTRA has been participating as a joint general organization of KSP since 2014, providing advice to promising industries such as trade and investment and contributing to the project, making KSP a cornerstone of bilateral economic cooperation. Together with RUSSEZ, KOTRA has been carrying out the KSP project as part of the ‘2016/17 KSP Industrial and Trade Investment Policy Advisory Program’, sharing the knowledge gained during the economic development process of Korea with partner countries in accordance with KSP’s goals. Rather than delivering the experience of Korea to the partners unilaterally, KOTRA sought to find common implications through communication and cooperation with various participants, including senior officials of partner countries. We also organized an investment seminar in Russia as a linked business to actively explore the economic cooperation agenda between the two countries and encourage participation of Korean companies to expand public-private partnerships. Since the year 2010, the Russian government has focused on cultivating and laying the foundations for the manufacturing industry through the “Import Substitution Strategy” to diversify its resource-dependent economy. This was done to actively promote policies to reduce the proportion of imports including raw materials and equipment from 2014 to 2020, as well as introduce four types of 26 special economic zones: industrial production zones, technological innovation zones, tourism zones, and port and airport (logistics) zones to innovate the overall structure of the economy by fostering new technology development and non-petroleum sector manufacturing by attracting foreign investment. As the Russian government is currently focusing on reforming the special zone policies and preparing long-term strategies, it asked the Korean government for policy advice on improving the investment environment of the SEZ and hoped to share experiences related to establishing the SEZ policy and investment attraction strategy in Korea to improve operations for the sustainable development of SEZ, attract foreign investment and manufacturing, improve the infrastructure of the SEZ, create jobs and establish measures for attracting direct investment. This report, which is organized by the Ministry of Strategy and Finance, directed by KOTRA and conducted by the Asia-Pacific Research Center of Hanyang University, covers the results of research and policy consultations about RUSSEZ (Russian Special Economic Zone). The KSP project with the Russian central government was conducted for the first time for this year and KOTRA carried out the project under the title “Measure to improve Investment Environment in the Russian Special Economic Zone (SEZ)”. Chapter 1, "Sustainable Development and Operation of the Russian Special Economic Zones and Sharing Korea’s Experience for Strengthening Competitiveness“, contains the current status of free economic zones in Korea, the establishment of a special economic zone operator and how to generate revenue and policy recommendations on performance evaluation. Chapter 2, "Regional Development for Job Creation and Business Development", discusses the significance of SEZ policies for regional development, employment policy, and policy challenges for job creation. In Chapter 3, "Strategies and Policies to attract Foreign Direct Investment in RUSSEZ”, we have analyzed the policy of attracting foreign investment in the Special Economic Zone, the status of attracting foreign investment in the Special Economic Zone of Korea, searching for ways to attract foreign investment in the Special Economic Zones and implications and applicability of the Korean experience. Therefore, it is necessary to attract domestic and foreign investors to the special zones utilizing the economic characteristics of the region, which is the core of the development policy of the Russian special economic zone, and to provide consulting services in accordance with the needs of partner countries to foster manufacturing companies that utilize available resources in the region and export processing products. Prior to the publication of this report, I would like to express my sincere appreciation to Dr. Eom Gu Ho, director of Asia-Pacific Research Center at Hanyang University; Han Hongyul, professor at Hanyang University; Byun Hyunsub, research professor at Hanyang University and Yoon Sungwook, professor at Chungbuk National University, for sharing the experience of Korea's economic development. I am also grateful to K&C law firm advisor Shin Dong Kyu, senior advisor of the Russia KSP project RUSSEZ; KOTRA’s overseas office in St. Petersburg and the Korean Embassy in Russia. Furthermore, I am thankful to those who have offered valuable advice for the completion of the report, including Sung Won Yong, Park Joung Ho, Choi Yong Seok, Mah Jai Sheen and Kim Seoung Su. Lastly, I’d like to disclose that the contents of this report are opinions of experts who participated in the project, and are not official opinions of KOTRA. August, 2017 Yun Wonsok Executive Vice President for Business Information & Trade Affairs, KOTRA Contents 2016/17 KSP RUSSEZ ·············································································································1 Executive Summary ················································································································· 6 Chapter 1 Sharing Korea's experience for sustainable development, operation and competitiveness of the Russian SEZ <Summary> ··········································································································································· 14 1. Free Economic Zone in Korea ········································································································ 17 1.1 Background of Free Economic Zone Promotion and Designation Status ························ 17 1.2. Free Economic Zone Business Promotion System ······························································· 19 1.3. Preferential system of Free Economic Zone ········································································· 21 1.4. Living Condition in FEZs ·········································································································· 23 2. Korea's SEZ Area Selection and Procedure ·················································································· 26 2.1. Designation procedure ············································································································· 26 2.2. Designation Requirements ······································································································· 29 2.3. Status of selection process for Russian special economic zones and policy proposal 32 3. Ways to Set Up SEZ Management Companies and Make Profits ···········································
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