Busan is good

Investments increase in Busan

Contents

City attracts large firms,
including LS Industrial Systems, DSI and Shinsegae

Korea's large corporations are investing in Busan one after another, an outcome of Busan City's consistent effort to attract corporate investment for the vitalization of the local economy.

Busan City is pushing for a settlement of LS Industrial Systems, a leader in Korea's industrial electric automation, into Hwajeon Industrial Complex in Gangseo District, which has been designated as a Busan and Jinhae Free Economic Authority.

The city plans to sign a memorandum of understanding with LS Industrial Systems on the company's settlement in Hwajeon Industrial Complex.

LS Industrial Systems has requested land lots of some 108,000 square meters for business and 33,000 square meters for its partners. It plans to inject 160 billion won ($175 million) for the construction of facilities for high-voltage electric power transformation and a transformer production plant. When completed, the plant is expected to have 550 workers and post some 600 billion won ($654 million) in annual sales.

Dong Seo Inc., or DSI, a world-famous dental implant manufacturer, started constructing its office building in Centum City Industrial Complex in Woo-dong, Haeundae District, on Oct. 10.

Consisting of eight above-ground floors with one basement in an area of 18,782 square meters, the new building is expected to be completed in June next year. When completed, it will house the company's headquarters, along with research centers for medical equipments, including dental implants, cardiovascular equipment, and artificial bone and clinical laboratories. DSI expects that it will post 50 billion won ($54 million) in sales, aiming to reach 660 billion ($720 million) in sales by 2011.

Also, the development of "Haeundae Tour Resort," which is slated to be established in an area of 49,000 square meters next to the former Geukdong Hotel site, has been tipped to be put on a fast track.

Busan City plans to push forward with the development of the 1 trillion won ($1.1 billion) tour resort in full scale after selecting participating businesses for the project in November.

Not to be outdone, Shinsegae started the construction of Busan Centum City Shinsegae UEC, which will be Asia's largest shopping mall, in July last year and is now making steady progress. Shinsegae, which is pouring in 1.025 trillion won ($1.12 billion) for the construction, plans to complete it by the end of next year.

The source of news : Dynamic Busan