Busan is good

APEC boosts investment in Busan-Jinhae FEZ

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The Busan-Jinhae Free Economic Zone (FEZ) Authority said on Monday (Dec. 5) that the 13th Asia-Pacific Economic Cooperation (APEC) summit, held in Busan between Nov. 18-19, has provided a big boost for the region to attract more foreign investment.

The APEC forum, where 21 state heads and business leaders joined in talks, served as a perfect opportunity for the FEZ to advertise its investment environment to global opinion leader groups, it said.

“During the international event, we signed an investment contract with two foreign companies in the auto parts industry. The investment amounts to $90 million,” Busan-Jinhae FEZ Commissioner Chang Soo-man said.

Two foreign companies to proceed with construction of a manufacturing plant in the FEZ are Sweden-based auto parts maker SKF and Japanese car equipment maker Izumi.

The Busan-Jinhae FEZ, which is designed to become a regional logistics hub, also held an investment consultation session with 24 international companies, while finding 84 potential investors during the APEC meeting in Busan.

“A number of international logistics companies, including U.S.-based Home Living and Netherlands-based Peemex, visited the construction site of the new port in the FEZ,” a Busan-Jinhae FEZ official said.

The event also gave a chance to develop a global network in attracting foreign direct investment (FDI) as Chang was invited to the general assembly meeting of the World Association of Investment Promotion Agencies (WAIPA) during the APEC forum, which will be held in Switzerland in March next year.

The commissioner served as a panelist for a WAIPA-organized round table discussion, which was held under the theme of “Success Stories of Intra-Regional Investment” as a sideline to the APEC summit.

During the panel discussion, Commissioner Chang introduced Korea's three FEZs, particularly, putting a focus on the Busan-Jinhae FEZ.

“Boosted by investment attraction and promotion to the world during the APEC, the Busan-Jinhae FEZ plans to invite about 100 business leaders from international companies and foreign press to the opening of the new port in January,” the official said.

The source of news : Korea.net  December 05, 2005