BUSAN < invest Korea

According to Yonhap News,

With the recent success of attracting investments from companies at home and abroad, the Busan-Jinhae Free Economic Zone is transforming into an exclusive global industrial district.

The Busan-Jinhae Free Economic Zone Authority reported on February 28 that Myeongji International City, which started site sales at the end of 2011, sold 34 sites (297,038㎡ in total), i.e., six residential lots and 28 commercial lots.

Myeongji International City, a state-of-the-art IT-based international business complex, is being transformed into a world-class international city equipped with eco-friendly residential buildings situated near Nakdonggang (River) and facilities for foreign investors, including international schools and medical centers.

The city has been drawing more investments since last December, when it successfully attracted the Busan Western District Court and the Busan Western Branch District Prosecutors' Office.

The authority received letters of intent from multipurpose residential-shopping complex constructers last November, and a world-class offshore technology researcher-cum-producer is making steady progress to build a ship-shape R&D center.

The authority signed a MOU with Britain’s Brighton College last December to build an international school in the city, and a number of world’s leading enterprises at home and abroad are currently reviewing the city for their investment.

Furthermore, the Ungdong district in the Busan-Jinhae Free Economic Zone is being actively developed as a tour and leisure area.

The Ungdong district provides pleasant and convenient leisure and recreation functions to industrial workers, foreign investors, local residents, and domestic and foreign tourists.

The 6.448㎡ gross area will consist of a 2.258㎡ leisure site and a 1.49㎡ distribution site.

The construction of the distribution site, which utilizes a new port, started in 2009, and 85 percent of the site has already been completed.

An official from the authority said, “The Busan-Jinhae Free Economic Zone Authority has attracted USD 1.5 billion since its opening in 2004. We will achieve this year’s goal of bringing in investments worth USD 250 million through our investment promotion strategy targeting emerging nations and advanced countries, such as China, India, the US, Japan, and Europe.”

Source: Yonhap News (Feb. 28, 2013)

** This article was translated from the Korean.