BUSAN, South Korea — Busan Jinhae Free Economic Zone Authority is celebrating the 9th anniversary with targeting to become a center stage of the economic hub of the Northeast Asia already getting an attention as leader of global free economic zone.
Since Busan Jinhae Free Economic Zone (BJFEZ) launched in March 2004 with a vision of creating an international business hub with tourism and leisure in mind focusing on port logistics and high tech industries based on excellent living atmosphere for the foreign investor.
BJFEZ’s devotion of past nine years produce the FDI with $1,546 billion from 88 foreign companies forming a new industrial cluster connecting to current local industrial network providing the potential growth even in despite of global economic recession and uncertain future of global economic situation
Considering the living environment for the foreign investor, BJFEZ put a great effort to attracting foreign educational institutions and attracted $20million in FDI for Changwon International Foreign School in Ungdong area last year, and ground breaking is set to be this year. For the Myeongji area, BJFEZ signed an MOU with UCLA Medical/Nursing College and Brighton College of the UK. To add to this attraction BJFEZ creating the pleasure atmosphere for the foreign living environment attracted the Seobu branch of the Busan District Court and the Seobu branch of the Busan District Prosecutor’s Office was confirmed.
The BJFEZ is accelerate its efforts to meet the goal by 2020, aiming for $250million in FDIs this year is turning to attracting investment from newly emerging countries such as China and India as well as from advanced industries and R&D sectors from the United States, Japan, and European countries.
The BJFEZ will focus on BJFEZ’s core projects like Myeongji international city and leisure & tourism complex in the Ungdong district. First, will integrate the master plan for the development of the Myeongji District will be established, while the attracting of investments in the core segment of commerce will be in full swing on top of the development of R&D centers in the new growth area. And at the Ungdong area will hold the ground breaking of construction for the foreign international institution and golf course by this year.
BJFEZ’s representative industrial complexes in the Hwajeon, Mieum, Nammoon, and Namyang district providing the optimum business conditions for the incoming foreig n companies and Korean firms to fit into industrial clusters for fostering value-added new growth engines such as maritime plant, R&D, and aviation industries to differentiate themselves from other.
From total of 21 districts, six districts (Shinho Industrial Complex, Busan Science Industrial Complex, Namyang District, Hwajeon District, Western Busan Distribution Complex, and New Port Distribution Park North) have already developed. The Mieum, Nammoon, and Saenggok districts will be completed by this year.
The 6 road construction projects including the Ulsuk Island Bridge are completed from 18 road construction projects in plan, and four more road projects including road in Mieum district are to be open this year and others are in schedule to finished by its plan.
The BJFEZ plans to reorganize the direction of plan and refurbishing the each district to stand up to meet the free economic zones’ competitive standard to move ahead from others free economic zones.
The BJFEZ likely to become a center of Northeast Asia economic hub and move forward to be recognized as the best free economic zone of the global economic stage.