Busan is good

RTP to invest $358 million in Busan-Jinhae FEZ

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The Research Triangle Park (RTP), the largest research complex of the U.S., has decided to invest 358 million dollars to create a world-class industry-academia research complex on a 860,000-pyong site within the Busan-Jinhae Free Economic Zone (FEZ).

Stein Jong-sik Woo, CEO and president, Asia Venture Partners, Inc. (AVP), a U.S.
investment venture capital firm of the RTP, and Chang In-Tae, acting governor of the
Gyeongnam provincial government, signed a memorandum of understanding (MOU)
Tuesday afternoon at the provincial government office to set up an international industry-
academia research complex and a logistics center in the region's FEZ.

According to the memorandum, the RTP is going to put 358 million dollars in creating 12,
000 jobs in the FEZ. The complex would serve as an Asian bridgehead for members of the RTP which conduct joint research with their Korean partners to develop technologies,
produce goods ,and sell products abroad.

If the world-class research complex is completed in the Busan-Jinhae FEZ, intensive
research and development activities will be carried out by corporations, universities, and
research institutes. Further, the complex is expected to be contributory to turning the FEZ
into a research hub of Northeast Asia.

Following up to the signing of the MOU, U.S. investment groups that formed the RTP and
specialize in creating research complexes plan to visit Busan to announce specific
development and investment plans in mid-March. The RTP had intended to invest in
China, but later switched to the FEZ in Incheon where a lot for the complex was not
secured. It has finally decided on the region's FEZ for its future investment.

The source of news : Busanilbo, Thursday Feb. 19, 2004, 14:25