[Free Economic Zones] Busan-Jinhae Ideal for Investment
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The Busan-Jinhae Free Economic Zone (BJFEZ) aims to become a center for telecommunications and high technology industries, and maritime logistics, playing the role of a gateway to Northeast Asia. Located on the southeastern coast of the nation, the BJFEZ is ideally positioned to serve as a base for foreign investors seeking a convenient way into China and Japan.
Designated as a Free Economic Zone in 2003, the BJFEZ has already begun the process of transforming itself into a topclass global business hub.
By 2011, it will be home to a new 30-berth container port with the first three berths to be completed later this year, making it ready for operation by January 2006.
In addition to its plan for creating state-of-the-art port facilities, the BJFEZ will also have an area for manufacturing industries, a new international business district, a science park for research and development centers, and a tourism and leisure district.
Covering a total of 104.8 square kilometers, the BFJEZ plans to attract manufacturing companies, tourism-related industries, foreign schools and hospitals, as well as related businesses for its Busan Science & Industrial Park, which opens this year, and its International Business City.
Scheduled to be completed by 2020, the BJFEZ’s development plan consists of the following areas and functions.
The new port area will include the hinterland and distribution park to serve logistics and distribution purposes and the Myeongji New City project to hold major businesses, international schools, hospitals and residential complexes.
The Jisa area will house the Busan Science and Industrial Park for high-tech and R&D industries with the Dudong area holding mechatronics and professional education and the Donga-A University Bobae Campus.
The Ungdong area will act as a tourism and leisure spot, including the Nammun and Namyang districts.
Moreover, the BJFEZ’s strategic location between China and Japan adds to its advantages. It is located along major shipping routes going to North America and Europe and has various feeder networks leading to ports in China (45), Japan (60) and Russia (5).
Since the inception of the BJFEZ Authority in March of 2004, it has attracted a total of $3.72 billion in foreign direct investment.
Renault Samsung Motors last November unveiled a plan to invest $600 million over the next three years to set up an engine plant inside the BJFEZ, while Snowbox, a leading British leisure facility developer, also announced a plan last December to invest $200 million in constructing a comprehensive winter leisure town in the zone.
Other investments include the American company NKCF’s $40 million to build a compressed natural gas tank and jumbo cylinder plant within the BJFEZ and the US manufacturer AMT’s $50 million going toward the establishment of an aluminum wheel factory.
The BJFEZ Authority’s latest FDI achievement is a $10 million investment made by Balzers Korea Coating, an affiliate of the Swiss-based Balzers AG. Balzers plans to construct a coating center in the Busan Science and Industrial Park of the BJFEZ.
“With the continuous economic growth of Northeast Asia, and China in particular, the BJFEZ will play a pivotal role in regional and international business affairs. Therefore, the BJFEZ Authority is committed to creating an ideal living and investment environment,” Commissioner of the BJFEZ Authority Chang Soo-man said.
The source of news : The Korea Times, 10-09-2005 23:15
