BUSAN < invest Korea

Busan Port Authority (BPA) held an information session on Busan port and business consultations with 40 Japanese logistics and shipping companies including Itochu Corporation and Ajinomoto General Food in Tokyo, Japan last Tuesday.

The information session aimed to find Japanese companies interested in moving into hinterland district of Busan New Port and attract them as investors.

At the information session, BPA introduced development plans and New Port business model to encourage Japanese companies to move into Busan.

Business consultations between Korean companies located in the New Port including Hyundai Costco Logistics and Japanese companies also led to discussions on investment in the Port.

The number of Japanese companies which invested in 58 domestic and international consortiums in the New Port is 31, accounting for 40 percent of total foreign companies.

Hwang Sung-gu, an official from BPA, noted that Japanese companies has expressed high interest in the New Port hinterland district because of inexpensive rent and reduction in logistics cost. He added BPA will continue its efforts to attract investment from Japanese companies.

Source: Newsis (May 21, 2013)

** This article was translated from the Korean.