BUSAN < invest Korea

According to Yonhap News,

(BUSAN = Yonhap News) 2014 will be a critical juncture for Busan to advance as the pivotal city of the southern part of Korea and world-class city.

The city announced on January 2 that it will complete various urban development projects including the construction of Busan Citizen Park, Songsanghyun Square, Busan Port Bridge and Busan International Finance Center as well as research projects such as water desalination research and development (R&D) project in a bid to enrich the lives of Busan citizens.

Other large-scale projects including the development of East Busan Tourism Complex and Busan Eco Delta City will also commence this year.

◇ Many development projects will be completed in 2014

Choeup-dong of Busanjin gu, previously known as Mihayariya site, will regain new life as world-class Busan Citizen Park and mark its opening in April.

Songsanghyun Square will open in May after it completes road extension and construction works. It will beceom the largest urban park in Korea with 34,740m2 of surface area.

Busan Port Bridge will be opened in April and connects Cheonghak-dong, Yeongdo-gu and Gamman-dong, Namgu.

The steel cable-stayed bridge is 3.3km long and 18.6~25.6m in width, and Busan expects the bridge to become the core infrastructure and improve the traffic and logistics conditions. The bridge will also play a role as a sightseeing road.

Busan International Finance Center, a landmark of Busan’s Munhyen financial complex, is scheduled to complete its phase 1 project in June. The 63-floor building is expected to become one of the symbolic skyscrapers in Busan.

Six public institutions including Korea Asset Management Corporation, Korea Housing Guarantee Co., Ltd, Korea Southern Power, Korea Securities Depository and Korea Youth Counseling & Welfare Institute as well as local financial institutions including Korea Exchange, Nonghyup Busan Headquarters and Korea Credit Guarantee Fund will move into the finance center.

◇ Busan will commence more future development projects in 2014

East Busan Tourism Complex, which has struggled to induce investment, will commence its development project with the construction of Lotte Outlet Store in January.

The outlet store will become the largest of its kind in Korea, with five floors above ground and two underground and surface area of 194,962m2.

The development project of Eco Delta City, which is expected to play a pivotal role in balancing Busan’s east-and-west developments, will be commenced in February.

City of Busan will invest a total of KRW 5.4386 trillion to develop Eco Delta city as the self-sustaining and environmental-friendly city that has the high-tech industries, international distribution systems and R&D capabilities as well as well-developed lakes, ecosystem and waterfront areas. The Minsitry of Land, Infrastructure, Korea Water Resource Corporation and Busan Metropolitan Corporation also participated in the project.

The construction project of the advanced research reactor will be commenced in April after finalizing its design phase. Korea Atomic Energy Research Institute invested KRW 290 billion in Gijang-gun, Jangan-eup to build the new research reactor (20MW tons), which will comprise research and production facilities of medical isotope.

In the meantime, the southeast radiation medical and science industrial complex will begin its construction in April. The complex is located in the site of 1,479,793m2 in Gijang-gun, Jangan-eup, and the construction is expected to be completed in 2015.