BUSAN < invest Korea

A new industrial complex in Busan is contributing substantially to attract companies.

Out of 76 companies which will move into the Myeongrae Industrial Complex, which will be completed next month with investment from Busan businesses, 13 are companies from outside of Busan.

Three companies are moving their plants and headquarters to Busan as they move to the complex.

The Myeongrae Industrial Complex drew interests with its inexpensive site price, and it targeted companies since its planning stage.

Other two shipbuilding equipment companies moved their headquarters and plants to Busan, and additional four companies are building their plants in the Mieum Industrial Complex, which will be completed at the end of this year.

Hantec Technology also moved from Ulsan to build a new plant in the Jangan General Industrial Complex, built in 2011.

Currently industrial complexes of 15.06 million m2 are under construction in 16 sites, and plans for six industrial complexes of 10,307 m2 are under review.

A Busan official noted that new industrial complexes in Busan focus on attracting companies with inexpensive site prices and based on results from demand analysis, adding that the city will help to make new industrial complexes new growth engines for Busan.

Source: Yonhap News (July 26, 2013)

** This article was translated from the Korean.