Busan is good

Busan-Jinhae targets $15.5b foreign investment

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The Busan-Jinhae Free Economic Zone Authority said it expects to attract foreign investment of between $14.6 billion and $15.5 billion by 2020.

Since opening in March 2004, the FEZ located around the southeastern port cities has drawn foreign investment of $4.6 billion so far, mainly for port construction and high-tech manufacturing.

The BJFEZ held a promotional session last week to introduce its projects including the new port terminal and science and industrial park site to members of the American Chamber of Commerce in Korea and journalists.

Located along major shipping routes to North America and Europe, the BJFEZ has various feeder networks leading to ports in China, Japan and Russia.

Automobile production plants accounting for 45 percent of the national output and the world's five largest shipyards are also located in the vicinity of the BJFEZ.

The 104.8 square kilometer BJFEZ includes the Jisa Science & Industrial Park site for research & development centers, an International Business City, an area for international schools and hospitals as well as a tourism and leisure district. Emerson Pacific & Morgan Stanley will build a $160 million water resort consisting of artificial lakes, islands, condominiums and plantations, the BJFEZ Authority said.

Regarding plans to set up a foreign hospital within the BJFEZ, a unit of the Harvard Medical School is conducting a feasibility study. The Harvard Medical International team is visiting Korea this week to meet with related officials of the government and major university hospitals.

[Source: The Korea Herald (December 13, 2006)]