Busan is good

[FREE ECONOMIC ZONES]Busan/Jinhae aims to draw foreign investors

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Busan-Jinhae Free Economic Zone's strategic location may be enough to attract foreign investment. Located in Korea's southeast coast, the Busan-Jinhae FEZ boasts an "ideal" location that can serve as the gateway for foreign investors seeking to enter China and Japan.

 

The FEZ authority, though, is doing its part to attract foreign direct investment in the area.

 

The Busan-Jinhae FEZ, known for its strength in logistics, is currently attracting players in the auto, machinery, and shipbuilding industries.

 

Logistics has long been an key sector in Korea.

 

The FEZ is equipped with the Busan New Port, which opened earlier this year as part of the government's bid to make Busan-Jinhae the logistics hub of Northeast Asia.

 

By 2011, the Busan port is expected to dramatically increase its handling capacity to 15 million TEUs. It currently accommodates vessels of up to 85,000 TEUs.

 

Plans are also under way to develop a 180-acre amusement park in the FEZ, which is supposed to offer the same level of entertainment and views as its counterpart in Hong Kong.

 

The zone authority and the South Gyeongsang provincial government struck a deal with two investors last week to build the Namsan Amusement Park in the FEZ.

 

Real estate developer Emerson Pacific Inc. and the Morgan Stanley Real Estate Fund Inc. will jointly invest nearly $160 million in the park's development.

 

"The resort's concept started from the image of a green area, where artificial lakes and islands are interconnected," Emerson Pacific CEO Lee Man-keu said.

 

"The major facilities include a vineyard, winery and sampling bar, a green tea farm and factory, a botanical garden, a zoo, and luxury condominiums," he added.

 

The Busan-Jinhae FEZ also aims to serve as the region's tourism hub.

 

The FEZ has already hosted several major international events and is the home of the Pusan International Film Festival.

 

The Busan-Jinhae FEZ is expected to be completed by 2020. The zone will be equipped with facilities, such as schools and hospitals, that will help foreign investors enjoy a similar lifestyle as they would at home.

 

"We need time and money to construct the internationally recognized schools and hospitals and to strengthen the labor pool as we work out the foreign-exchange regulations," said Chang Soo-man, commissioner of the FEZ authority.

 

The source of news : The Korea Herald  July 6, 2006