Busan is good

Busan Port Logistics Complex Welcomes Japanese Companies

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Together with Busan Port Authority (BPA) and Busan-Jinhae Free Economic Zone Authority (BJFEZ), KOTRA (Korea Trade-Investment Promotion Agency) launched a "Logistics Development Using Busan Port" seminar on Thursday morning at Fukuoka, Japan to attract Japanese enterprises to Busan Port logistics complex.


With around 200 participants from logistics related Japanese companies and institutions attending, means to cut down logistics expenses while intensifying corporate competitiveness through Busan Port was discussed during the seminar.


Currently at the rear of Busan New Port, a 11 million ㎡ size logistic complex is being planned. During the first stage of the development, 1.2 million ㎡ of the complex will be open; among the selected enterprises that are to enter the area, 55 percent are Japanese.


BPA CEO Lee Kap-sook stated in the seminar, "The rear-port logistics complex will be designated as a Free Trade Zone (FTZ) and will be girded with various tax privileges along with affordable rent."


Success cases of improved logistics effect provided by Busan Port was also introduced during the seminar, including the complex's first foreign investment company, Busan International Distribution Center (BIDC) and Mitsui & Co., which invested 17 billion won in the port to establish and operate a bonded warehouse.


KOTRA claimed, "This seminar solidified Japanese companies' interest in using the Korean rear-port logistics complexes after the KORUS FTA agreement."

Source: Maeil Business (May 17,2007)