Seoul, Jan 18 (NationPress) The count of businesses operating within South Korea's free economic zones experienced a growth of 4.4 percent compared to the previous year in 2024, leading to increases in both employment and investment, as reported by the industry ministry on Sunday.

At the close of 2024, there were 8,590 companies functioning in these zones, an increase from 8,228 firms in the prior year, according to the Ministry of Trade, Industry and Resources, as reported by Yonhap news agency.

Jobs within these firms saw a rise of 8.8 percent year-on-year, totaling 254,775 employees by the end of 2024, while investments surged by 14.4 percent to approximately 5.9 trillion won (around US$3.99 billion).

Regionally, the free economic zone located in the western city of Incheon housed the highest proportion of tenant firms at 44.9 percent, followed by the zones in Busan and Jinhae at 28.4 percent, and that of Daegu and North Gyeongsang Province at 12.2 percent.

Foreign-invested enterprises numbered 690, marking an 8.2 percent increase from the prior year, with foreign direct investment climbing by 4.3 percent to 3.8 trillion won.

"The free economic zones are consistently demonstrating stable growth and enhancing their status as pivotal hubs for foreign investment and regional economic expansion," stated a ministry representative. "We will thoroughly address region- and industry-specific challenges while providing robust support for corporate initiatives and investment."

These zones are designated areas where the government relaxes regulations and offers incentives to facilitate company investments and operations, aiming to attract foreign investments and foster advanced industries.

In another development, foreign direct investment (FDI) commitments to South Korea reached an all-time high of over US$36 billion in 2025, according to government statistics, attributed to reduced political uncertainties and the gathering of the Asia-Pacific Economic Cooperation (APEC) in the southeastern city of Gyeongju.

Last year, South Korea recorded $36.05 billion in FDI commitments, representing a 4.3 percent increase from $34.57 billion in 2024, based on data from the Ministry of Trade, Industry and Resources.

In 2025, the actual investment amount that arrived in the country also grew by 16.3 percent from the previous year, totaling $17.95 billion.