Busan is good

Foreign investments in Busan-Jinhae FEZ top $5 billion

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The Busan-Jinhae Free Economic Zone has attracted more than $5 billion in foreign investments since its launch in 2004, its operator said yesterday.

 

The Busan-Jinhae FEZ Authority also said its foreign direct investment has reached $590 million, the largest among the nation's six FEZs.

 

The Busan-Jinhae FEZ is one of the country's three FEZs which were launched in 2004 by the Roh Moo-hyun administration to woo foreign investors by offering diverse incentives such as tax breaks. The government subsequently designated three more FEZs, fueling competition among them.

 

The Busan-Jinhae FEZ Authority said it has lured a combined $5.1 billion in foreign direct investments and joint investments by Korean and foreign firms.

 

Of the $5.1 billion investments, $4.3 billion are being spent on 30 projects, while preliminary agreements have been made on investments for 15 projects worth $750 million.

 

By sectors, $1.3 billion in foreign investment will be spent on the high-tech industry, while $2.5 billion will be invested in the construction of new harbors. Some $610 million will go to tourism and leisure projects, while $40 million will be spent on an education project.

 

The authority plans to step up its efforts to attract foreign investments to its projects, especially an international business city in Myeongji, Gangseo-gu in Busan and a tourism and leisure complex in Ungdong in Jinhae, officials said.

 

The authority will also create an industrial complex to attract Japanese manufacturers of parts and materials.

 

The source of news : The Korea Herald  January 20, 2009