Busan is good

Designation of complex for foreign firms likely this year

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An industrial complex for foreign-invested firms, which is one of the long-held desires of the region, is likely to be designated by the central government this year within the Busan High-tech Industrial Complex. The designation would be made the complexes in the city more than twice the size than was originally envisioned.

The Busan metropolitan city government disclosed Thursday that Minister Lee Hee-beom of the Ministry of Commerce, Industry and Energy (MOCIE), who was visiting Busan Tuesday, gave a favorable response to the city on the possibility of designating the complex for foreign-invested firms, and of the central government financial support for the Busan Techno Park.

"Even before the dedication of the Busan High-tech Industrial Complex slated for August, 2005, the central government may consider designating such complexes should local governments present tangible results to invite foreign capital such as a memorandum of understanding (MOU)," Lee said.

The source of news : Busanilbo, Friday April 2, 2004, 14:41