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According to Yonhap News,
(BUSAN = Yonhap News) The city of Busan announced on February 19 that it will focus on attracting value-added foreign-invested companies (FICs) in a bid to develop the city’s industries as well as high technology.
The plan shows the city’s will to overcome the financial crisis in North America and EU regions, shrinkage of investment by companies due to slower recovery of the economy and reduction of Japanese investment in Busan, and develop infrastructure to attract a large production base that is capable of creating employment opportunities for the city.
The city plans to create a foreign investment-friendly business environment by offering more site location support to FICs.
A plan to designate the Busan Gangseo-gu International Industrial and Logistics City (380,000m2) as a parts and components foreign investment zone will be pushed ahead by 2015.
It plans to increase the lease reduction rate for the complex-type foreign investment zones from 50 percent to 75~100 percent.
It also considers designating a small-size foreign investment zone (83,000m2) to attract the world-class shipping building & offshore plant industry.
Other plans include the case studies of both domestic and international foreign investment promotion activities to reflect efficient strategies in Busan’s foreign investment promotion strategy, and inducement of high value-added knowledge & service and tourism & development industries.
Foreign investment zones in the Busan area are located in Jisa industrial complex, Hwajeon industrial complex and Mieum industrial complex, and a total of 23 companies are situated or investing in the zones.
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Source: Yonhap News (Feb. 18, 2014)
** This article was translated from the Korean.