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The Global Hub for International Business and Logistics

Busan-Jinhae Free Economic Zone
The Busan-Jinhae Free Economic Zone (hereinafter, BJFEZ) is strategically located at the heart of Northeast Asia and at the same time, the center of Korea’s southeastern industrial belt. The BJFEZ is a specially designated area to attract foreign businesses and multinational companies. The BJFEZ is the global hub for international businesses and logistics. Since the BJFEZ is situated along the European and North American trunk routes that have the largest traffic volume among the global shipping routes, it is logistically very competitive and it also retains the possibility to function as the connection point for the European Continental and Pacific Rim destinations.

The BJFEZ covers 83.1km2 with an anticipated population of 243,000 by 2020. This zone is divided into five areas and 21 districts - New Port, Myeongji International City, High-tech & Manufacturing Area (Jisa), Mechatronics Education Research Development Area (Dudong) and Tourism & Leisure Area(Ungdong) - which will be fully developed by the year 2020.

In particular, investment in the high-tech industry has been prominent, which is attributed to the progress made in the development of Mieum and Nammoon districts as the area designated as a “Foreign Investment Zone.”

In addition, the BJFEZ Authority is proactively researching options to offer incentives to domestic companies, as well as providing institutional support for parts & materials and high-tech industries, ultimately helping more companies make inroads to BJFEZ.

Furthermore, concerning BJFEZ’s core business - Myeongji International City and Ungdong Resort district - BJFEZ has focused on expanding infrastructure and a better living environment by way of promoting advanced foreign educational institutions and foreign hospitals.

Particularly in the Ungdong area, which is designed as a world-class tourism & leisure complex, construction will begin of a 36-hole golf course. World-class hotels, marinas and resorts will enhance Ungdong’s reputation as an international tourism & leisure complex. At the same time, promoting the target marketing toward global logistics companies, BJFEZ was successful in attracting companies in the ports and logistics sector.

In a tone of confident anticipation, Ha Myeng-keun, commissioner of the BJFEZ, remarks, “With such an impressive industrial competitive edge and pleasant living environment to be enjoyed by the expatriate executives and their families, the BJFEZ will
certainly provide superior assistance and services for foreign investors.”

“Taking advantage of its geographical location, the BJFEZ has a differentiated competitiveness over other local FEZs - it can effectively utilize such national basic industries as shipbuilding, automotives, machinery, mechatronics, etc. Also, complete logistics infrastructure backed by subways, Busan Port, Gimhae Airport, high-speed rail, etc., and the rich culture in Gyeongnam and Busan, and excellent advanced human resources make it easier for BJFEZ to take the initiative in competition not only with other local FEZs, but also with foreign rivals’ FEZs,” he emphasized.

The BJFEZ has set its ultimate goal of becoming one of the world’s highest level FEZs by 2020. “For accomplishing this vision, the BJFEZ will continue to solidify the depth of the overall infrastructure through more activation of harbor logistics, development of pleasant future multifunctional cities, affirming its role as a center for new growth of advanced industry, creation of global business environment, and formation of luxury tourism and leisure complexes,” he added confidently.

The commissioner proposed some productive ideas over government’s administrative policies of local FEZs. “First, the institutional approach for local companies considering investment on BJFEZ should be set with equal incentives that foreign companies could take advantage of now in order to first encourage more attraction of investment from local companies. As local companies can act as anchors to attract stably those investments in the early stage of attracting foreign investment. In the absence of strategic administrative support policies for local companies to be encouraged for such roles, they are now hesitating in entering into BJFEZ.”

“Second, BJFEZ’s operational autonomy should be strengthened more than ever. The current system of BJFEZ’s heavy dependence on the municipality in personnel and budgetary aspects resulted in lowgrowth in attracting foreign investment and in slow process in development, not positively affecting the growth of the FEZ. In spite of under these overall circumstances led by government, however, we will actively continue to push ahead with our investment attraction plan and development business while strengthening cooperation with relevant agencies to effectively support them.

Other Articles

Special Economic Zone for Knowledge Creation  [Issue No. 462]

Global Business Utopia Incheon Free Economic Zone: Seeking various creative ways to become the world’s third biggest FEZ in 2020  [Issue No. 462]

Korean FEZs Accelerating Their Steps toward Becoming the Hub of Northeast Asia  [Issue No. 462]

Gearing up to become the world’s best center of industry and logistics  [Issue No. 462]

 
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