Busan is good

Busan-Jinhae FEZ breaks ground for new industrial complex

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The Busan-Jinhae Free Economic Zone Authority broke ground for a new industrial complex on Tuesday.

The Hwajeon Industrial Complex, which aims to attract companies at home and abroad, will be spread over 605 acres. Of the total, 305 acres will be allocated to information-technology firms, of which 94 acres are reserved for foreign direct investment, authority officials said.

Of the remaining, 60 acres will be used for residential purposes and 200 acres for parks and greenery, officials said.

"The new industrial zone, scheduled to be completed by 2009, will bring growth momentum to Busan and the nearby Gyeongsangnam-do. Auto parts, machinery makers and shipbuilders will find the place very attractive," said Chang Soo-man, commissioner of the BJFEZ Authority.

The BJFEZ is adjacent to Ulsan, Gyeongsangnam-do, where many major shipbuilders such as Hyundai Heavy Industries Co. are located. The BJFEZ's strategic location between China and Japan also adds to its list of merits. Located along major shipping routes to North America and Europe, it has various feeder networks leading to ports in China, Japan and Russia.

The 104.8 square kilometer BJFEZ has an area for the Busan Science & Industrial Park for R&D centers, an International Business City, an area for international schools and hospitals as well as a tourism and leisure district.

The Busan-Jinhae Free Economic Zone Authority broke ground for its new Hwajeon Industrial Complex last Tuesday. [The BJFEZ Authority]

The source of news : The Korea Herald  2006.10.27