Busan is good

[Free Economic Zones] BJFEZ Promises to Become Major Hub

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The Busan-Jinhae Free Economic Zone (BJFEZ) was designated as a special area for foreign investment by the Korean government in October 2003. It was designed to attract foreign businesses, hospitals and schools as well as recreational and resort facilities.

The ultimate aim of the Busan-Jinhae Free Economic Zone Authority (BJFEZA) is to develop the area into the ideal place for foreign investors, their families and their employees to work and live.

In addition to becoming a major business hub within Northeast Asia, the BJFEZ will also act as an economic bridge connecting Korea to China, Japan, Eurasia, Europe and North America.

As the Northeast Asian economy is growing quickly, the BJFEZ’s strategic location will serve as a stepping stone for foreign enterprises wishing to do business in Northeast Asia in a convenient, cost-effective way.

Being a port city on the southern part of the peninsula, the BJFEZ will also serve as a convenient route to Southeast Asia.

The Busan-Jinhae Free Economic Zone Authority, headed by Commissioner Chang Soo-Man, is currently working to attract foreign enterprises and developers.

A unique characteristic of free economic zones is that they are designed to make investing overseas as convenient and easy as possible by serving as a one-stop service source for foreign investors. In addition to administrative services, generous financial support and tax reductions will be offered to investing companies.

The BJFEZA is currently working to attract foreign businesses such as auto-parts manufacturers, high-tech industries, R&D centers, IT companies, shipping and logistics services, mechatronics, resort and leisure facility developers and foreign educational institutes and hospitals.

Its development plan consists of five areas, each with its own target industries. Among these districts is the New Port Area, which will have a total of 30 berths by its completion in 2011. This district will serve as a logistics and distribution center.

Another area is the Myongji district, which will act as a business, commercial and residential area. The Jisa district will house knowledge-based industries while the Dudong district will become a base for professional education and R&D.

Finally, the Ungdong district will serve as a marine leisure and vacation spot attracting both domestic and foreign tourists from abroad, particularly the Northeast Asian region. The entire project is slated for completion by 2020.

The source of news : The Korea Times 10-25-2004 19:06