Busan is good

Busan fully prepared for APEC: Mayor

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For Busan, Korea’s southernmost port city that depends heavily on marine transportation and logistics, economic growth will always be dictated by its level of international integration.

By hosting this year’s Asia-Pacific Economic Cooperation (APEC) summit from Nov. 18 to 19, Busan Mayor Hur Nam-sik hopes to strengthen ties with other Asian countries and further promote the city’s business potential to foreign investors.

“The APEC summit will give Busan a chance to prove itself as an international center for marine transport and logistics with business potential matching that of other Asian hub cities such as Hong Kong, Singapore and Shanghai,” said.

A month ahead of the start of the APEC forum, Hur said the city has completed most of its largest projects and is putting on the finishing touches.

The renovation of the Busan Exhibition and Convention Center (BEXCO), the venue for the summit session and the following ministerial meeting, will be completed by the end of this month. The Nurimaru APEC House, a new three-story convention center that will be used for the second session of the summit, was completed last month. The city has also completed its anti-terrorism and security plans.

“We are nearly set for the big event and now we are putting the final checks on our plans for accommodation and traffic,” said Hur.

“The event will also serve as a stage to feature the city’s advanced information-technology infrastructure and its developing tourism and convention industries. Busan will be promoted internationally as the strategic heart of Korea’s initiatives in becoming a Northeast Asian business hub,” he said.

Leaders from 21 countries are expected to attend the annual summit of the APEC forum this year at Korea’s largest port city, to discuss ways to further liberalize trade and investment among the member states.

Also arriving in Busan next month will be about 1,000 business executives from multinational companies from around the world, who will participate in the forum’s business summit to be held on the sidelines of the main APEC leaders’ meeting.

The agency for this year’s APEC forum aims to find ways to implement the agreements reached at the 1994 summit held in Bogor, Indonesia, which called for free trade and investment between its rich-country members by 2010 and to include developing countries by 2020.

It will also allow the member countries to reach a consensus ahead of the World Trade Organization (WTO)’s Doha Development Agenda (DDA) meeting scheduled for Hong Kong this December.

Hur hopes that the gathering of policymakers and businessmen from APEC member countries, which now account for about 60 percent of the world economic output and more than 45 percent of world trade, will enable Busan to market itself globally as a promising platform for foreign investment.

The mayor also expects that the hosting of the APEC forum itself will have an immediate impact on the local economy. According to the Busan Development Institute (BDI), funded by Busan city government, the international trade forum will result in an additional industrial output of 400 billion won ($383 million), generate 174 billion won in added-value and create 10,000 more jobs for the city.

“It would not be a stretch to say that the APEC forum is the biggest event for Busan since the opening of the port, luring more than 6,000 leaders and businessmen from 21 countries,” said Hur.

“APEC will allow us an invaluable chance to feature the business potential of the Busan-Jinhae free economic zone to a larger and more influential audience. We also hope that Busan’s enhanced global reputation will give us a boost in our initiatives to host the 2020 Summer Olympics,” he added.

With the Northeast Asian economy expanding rapidly led by the continuous growth of China, Busan, at the peninsula’s southeastern tip, has been seeking to take advantage of its strategic location bridging China and Japan

Busan and its neighboring Jinhae area has been designated as a free economic zone (FEZ) in 2003, promoted as an international business hub by the country looking for a stronger role in the regional economy.

Several plans are underway to build up the attractiveness of the Busan- Jinhae FEZ, including the construction of a new 30-berth container port by 2011. The first three berths will be completed later this year, making the port available for operation by the start of next year.

Policymakers are planning to attract major multinational companies, international schools and residential complexes to improve the area’s business environment. They also plan to increase foreign technology investment through high-tech industrial parks and research and development centers.

Busan also has high hopes for its expanding tourism and convention industries as well. The city has already proven itself as a tourist destination and also has shown its capability in recent years by handling major international events such as the 2002 Asian Games and its annual hosting of the Busan International Film Festival.

“We plan to use the APEC forum as a platform to promote Busan as an area for free trade and investment. The city expects to build additional convention facilities, increase the number of international flights coming into the Gimhae airport and lure more foreign consulates here, all to give ourselves stronger international attractiveness,” said Hur.

“The APEC forum will also allow us to promote our advanced industries in shipping, machinery, aerospace manufacturing and information technology,” he added.

 

The source of news : Korea.net  October 17, 2005