Busan is good

Busan goes all out to attract investors

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Improves systems drastically to turn into 'business-friendly' city

 

Busan City is aggressively attracting businesses and investment. The city is taking the lead in improving various systems to lure local and foreign capital, while enhancing marketing activities to publicize its advantages as a "good city to do business in."

 

The city is pushing to build an international industrial and logistics city in the rear area of the Busan New Port and to sharply expand the Busan- Jinhae free economic zone.

 

Mayor Hur Nam-sik reported these and other plans to President Lee Myung-bak who recently visited the city, winning Lee's pledges for positive support. Explaining his administrative plan for the next two years, Mayor Hur vowed to go all out to realize these plans as part of an economic revival strategy.

 

The city is currently implementing "tax exemption and reduction for foreign investors," by which it exempts foreign investors moving into industrial complexes built exclusively for foreigners from all national and local taxes for five years.

 

It also has worked out municipal ordinances to provide preferential treatment to business people as well as help to promote corporate activities, such as offering free parking at public parking lots and free tickets for various performances.

 

In addition, Busan is providing "custom-made administrative services" for foreign investors by assigning city officials exclusively responsible for taking care of specific investors.

 

The city recently held the 2008 Busan Investment Forum in Seoul, at which officials made brisk public relations activities by emphasizing Busan's abundance of high-quality manpower with its 25 universities and 334 research institutions, its global logistics center holding the world's fifth largest container port and emergence as the central city of southeastern sphere, which accounts for 50 percent of marine vessels, 45 percent of automobiles and 40 percent of machinery Korea produces.

 

The source of news : Dynamic Busan