Title Busan-Jinhae FEZ marks 10th year...
Name Admin Date 2014.08.11 Click 6661

Busan-Jinhae FEZ marks 10th year since dedication

 

 

The Busan-Jinhae Free Economic Zone on Wednesday marked its 10th anniversary and looked back on a decade of dedication and innovation geared toward creating a truly investor-friendly area.

Located at the southern end of the peninsula, the Busan-Jinhae FEZ is one of the country’s several free economic zones established with the aim of attracting overseas investment.

Currently, seven out of the 20 districts in Busan-Jinhae’s five areas ― New Port, Myeongji, Jisa, Dudong and Ungdong ― have been completed, and another six are currently under construction. The remaining seven will start being developed once plans are finalized in August this year.

 

Busan New Port in Busan-Jinhae Free Economic Zone. (Busan-Jinhae Free Economic Zone)

 

 

“This is quite a feat when considering that the economy has not been at the top of its game during the past 10 years,” said Moon Gu-kyung, a spokesman for the FEZ.

In particular, Busan-Jinhae is known for its work in developing the New Busan Port, an area that used to be a tranquil fishing town. Today, it houses a facility capable of processing more than an annual 10 million containers.

The port is aiming to become one of the world’s top five by 2020.

But it’s not just the port, as the 20 districts within the FEZ will be cultivated into hubs for shipbuilding, auto manufacturing, machinery, value-added logistics and more.

In terms of investment, the FEZ has also come a long way, as it has successfully attracted more than $1.6 billion worth of foreign direct investment from more than 100 foreign companies and around 820 local firms.

The FEZ authorities are currently attempting to attract more, especially high-tech companies. Several top manufacturers such as Bosch Rexroth and Wilo SE have already settled in.

In other areas such as Myeongji, prestigious schools such as Brighton College have signed up to make a home there.

“We will work to make sure that investors get their money’s worth, and let them know that we are dedicated to their operations here and will continue to be over the next 10 years,” Moon said.

 

 

By Seo Ji-yeon (jseo@heraldcorp.com)

from The Korea Herald (☜ Click )

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