Busan is good

Busan to Emerge as Global Business Center

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Busan City looks to promote itself as an international business hub to compete with Hong Kong, Shanghai and Singapore, following the successful hosting of the Asia-Pacific Economic Cooperation (APEC) summit last month.

The second-largest city in Republic of Korea believes that the summit will add to its reputation as an international center for marine transport and logistics and further promote its business potential to foreign investors.

The Busan Metropolitan Government will announce a roadmap plan next week that will cover the comprehensive plans to help develop the city’s business attractiveness and strengthen its international integration, seeking to take advantage of its strategic location bridging China and Japan

Among the standout plans are the initiatives to develop Busan into an international economic center with liberalized trade and investment.

The city will embark on a five-year plan next year for deploying policies for trade liberalization, hoping to gain a ``free international city’’ status by 2015.

Busan and its neighboring Jinhae area were designated by the central government as a free economic zone (FEZ) in 2003, with Korea looking for a stronger role in the Northeast Asian regional economy.

The city is hoping to attract major multinational companies, international schools and residential complexes to improve the area’s business environment.

It plans to induce more foreign technology investment by setting up high-tech industrial parks and research and development centers.

Busan also seeks to push further its drive for hosting the 2020 Summer Olympics. It made public its intensions to host the Olympic Games last month during the APEC summit.

The city will organize a committee to manage the Olympic bidding efforts starting in January, and enter the bid to host the International Olympic Committee (IOC)’s general meeting scheduled for 2009.

Besides, Busan is looking to increase investment in the tourism and convention industry. The city government will spend 228 billion won ($219 million) through 2014 to build a 4,500-pyong (14,800 square meters) convention center, adding to its current Busan Exhibition and Convention Center (BEXCO).

The design of the new convention center expects to be finalized by 2012 and with the construction starting the next year.

Busan is also trying to expand the capacity and facilities at the Gimhae International Airport to meet growing transportation demand.

The city plans to add more direct flights connecting foreign cities, from its current 21 cities in nine countries.

City officials are looking first at Tokyo’s Haneda Airport, as they hope that establishing a direct flight from Busan to Tokyo will be included among the agendas for the Korea-Japan summit meeting scheduled later this month.

Busan is also striving to increase the number of foreign consulates in the city. Currently, only China, Japan and Russian have consulates in Busan.

Other plans among the city’s post-APEC development roadmap include building an advanced weather and climate research center by 2008 and building a research and development center for marine science.

According to the Busan Development Institute (BDI), funded by Busan city government, the international trade forum will result in an additional industrial output of 400 billion won ($383 million), generate 174 billion won in added-value and create 10,000 more jobs for the city.

The source of news : The Korea Times  11-30-2005 20:08