Busan is good

Busan-Jinhae FEZ Authority officially opens Tuesday

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The Busan-Jinhae Free Economic Zone (FEZ) Authority, which would serve as a locomotive power to foster a maritime logistics and business hub of Northeast Asia, officially opened Tuesday afternoon.

Held at the FEZ Authority Office in Songjeong-dong, Gangseo-gu, Busan, the inauguration ceremony was attended by more than 200 dignitaries including Lee Hun-Jai, Deputy Prime Minister (DPM) and Minister of Finance and Economy (MOFE), maritime affairs-fisheries minister Chang Seung-woo, Oh Geo-don, acting mayor of Busan, Chang In-tae, acting governor of Gyeongnam, and Chang Soo-man, administrator of the Authority.

The opening ceremony in Busan was the third of its kind after Incheon and Gwangyang. " Free economic zones are playing a crucial role in making the country a Northeast Asian economic hub. The Busan-Jinhae FEZ is highly likely to become successful since the region has a solid base for shipbuilding, machinery, and auto parts industries, a neighboring market with five million consumers, and an unmatched competitive edge of
the new port facilities," said the deputy prime minister.

He also stressed that to have the first phase of the project to create six berths at the new port, and a 220,000-pyong hinderland logistics site by 2006 go as smoothly as possible, collaboration among the ministries concerned, the Busan metropolitan city government, and the Authority would be a must.

A total of 7,690 billion won will be injected into the Busan-Jinhae FEZ by 2020 that covers 31.54 million pyong in the Gangseo-gu in Busan and the City of Jinhae, Gyeongnam.

The source of news : Busanilbo, Wednesday March 31, 2004, 15:10