Over $30 billion invested, or committed to economic free zones
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With more than $30 billion invested in or committed to large-scale projects, the ongoing construction of Korea's three economic free zones in Incheon, Busan-Jinhae and Gwangyang is doing well since their inception three years ago.
The three zones are poised to emerge as hubs of international business and logistics when foreign schools and hospitals are built in two years and high-rise international business complexes are in place by 2010.
These were disclosed in a logistics-economic free zone meeting held by the National Economic Advisory Council (NEAC) on Wednesday (June 7) to check development progress of the zones. President Roh Moo-hyun chaired the meeting.
Of the foreign capital bound for the special areas, $17.18 billion involving 18 projects is being poured in for actual investment. The projects include $12.7 billion from American entrepreneurs to develop Incheon's Songdo into an international business area, $1.1 billion British capital intended to build the Incheon Grand Bridge, $600 million from French automaker Renault Samsung to augment engine factories in Busan and Jinhae and $300 million from Hong Kong to develop a leisure complex in Gwangyang.
A total $15.2 billion has been committed to the zones in the form of memorandums of understanding and letters of intent. Topping the list is an MOU covering $11 billion to build a 151-story twin tower building at Songdo. Also American and Chinese funds are likely to arrive to construct hospitals and international schools.
In Incheon, following ground breaking for the construction of a convention center in Songdo last year, work to create an international school touched off this year and ground will be broken to create the 65-story Asia Trade Tower and Central Park.
Construction of a biomedical hub and a ubiquitous IT cluster on a 3 million square meter tract will be promoted, according to NEAC.The source of news : Korea.net June 09, 2006
