BUSAN < invest Korea

According to Yonhap News,

Tan Sri Vincent, Chairman of Malaysia-based Berjaya Group, expressed his willingness to invest a whopping 2 trillion won in the Busan North Port Redevelopment Project, according to the Busan Port Authority (BPA) Thursday.

Tan Sri privately visited the site along with the company’s executives in charge of overseas investment.

He was reported to have shown strong interests in the Ocean Culture Zone, the core of the redevelopment project, saying that “I want to invest 1.5 – 2 trillion won to build a hotel and a comprehensive resort.”

“Given that the Busan North Port area has a geographical advantage just like Japan’s Minatominai Port, the project could create synergy effects along with the establishment of the Busan North Port Bridge.” The port’s accessibility to marina facilities, to be developed by Singapore’s SUTL, is also another advantage.

As one of the major overseas Chinese business groups, Berjaya Group ranks 6th in Malaysia with major focus on the hotel and resort industry.

The company already invested more than 100 million won in Jeju’s Yerae Resort-Type Residential Complex, which is the largest foreign direct investment in the domestic tourism industry.

However, the BPA should first remove barriers to the redevelopment project to lure the massive inflow of overseas Chinese capital. The site where Berjaya wants to build the resort facility is designated for the establishment of cultural facilities. For the construction of hotels or resorts, the BPA should submit a request seeking the land use conversion.

This runs counter to Busan-si (City)’s plan to build an opera house there. Several civic groups also voice concerns over the establishment of large-size hotels, citing sprawling development.

However, a BPA official said, “Tan Sri’s visit holds significance in that we confirm Berjaya Group’s willingness to invest in the redevelopment project.” “If selected as the preferred bidder, the group will discuss the future direction of the project in detail.”

Source: Yonhap News (Feb. 14, 2013)

** This is the translation of a Korean article.