Busan is good

[FREE ECONOMIC ZONES] Busan readies for Asia's biggest logistics center

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Lots of people identify Busan with its exotic scenery, beautiful beaches and delicious seafood. Busan, Korea's biggest port city and the second largest metropolis, with a population of over five million, is now set to welcome global businesses in its free economic zone.

 

Busan-Jinhae Free Economic Zone is in high gear to further promote its reputation as an international trading center and one of the world's largest ports. Renowned for its new port facilities, which opened last year, and can handle up to 5.84 million TEU (twenty-foot equivalent unit) shipping containers per year and accomodate 159 ships at once, Busan is ready to become one of Asia's logistics hubs within a few years.

 

Foreign investment of $4.56 billion within the last 30 months, since its opening in 2004, proves BJFEZ's potential as a global logistics center.

 

Busan's fame as the heart of international trading goes back centuries, and the city has attracted ships from all over the world, also growing as a regional financial center.

Located on the Southeastern tip of the Korean peninsula, facing the Pacific Ocean, Busan can be easily approached by ships carrying goods from the major economic blocs of the EU, ASEAN and North America. When connected by transcontinental railways, Busan is expected to carry out the function of a departure and destination point for pan-continental logistics across Asia and Europe.

 

Busan's free economic zone focuses on the development of specialized sectors, which have led the nation's economy for the past 40 years. The New Port area is to function as a base for logistics, international maritime business, and distribution. Myeongi, an area close to national industrial complexes and Samsung-Renault Motors plants, is to provide a joint sea-air logistics base, industrial complexes for high-tech mechanical components, and automobile technology and environment-friendly residential areas for foreign businesses and investors. Jasa and Dudong areas will provide laboratories for cutting-edge industry, and a research and development center along with education centers and coastal resorts when completed in 2010.

 

Busan's active tourism and international events such as the 2002 Asian Games and the annual Pusan International Film Festival, Asia's largest and best-known international film festival, are other features which make investing in Busan more attractive, along with various tax exemption benefits.

 

With the completed Busan-Jinhae Free Economic Zone, Busan will not only stand out as the nation's cultural and education center - and economic booster - but lead global maritime business and high-tech industry as an international logistics platform and integrated transport center.

 

The source of news: The Korea Herald  2007.07.02