Busan, Fukuoka to Become One Economic Zone
By Do Je-hae
Staff Reporter
Busan and its Japanese sister city of Fukuoka have agreed to create a common economic zone, bringing the economies, cultures and peoples of both cities more closer together than ever.
The Korea-Japan strait economic cooperation zone initiated by local administrations in the two neighboring countries ultimately aims to combine the economic synergy of the southeastern Korean Peninsula and Kyushu Island of Japan.
``The supranational project will include a joint nurturing of future-oriented businesses, facilitating a common living sphere, easing trade regulations and boosting mutual investment," an official with the Busan City administration said Thursday.
The Busan-Fukuoka Economic Cooperation Council, consisting of the mayors and business leaders of both cities, was established last October to launch arrangements for the joint economic initiative.
``On the occasion of the 20th anniversary of the Busan-Fukuoka partnership, Busan Mayor Hur Nam-sik and Fukuoka Mayor Yoshida Hiroshi will officially announce the project next month," the official added.
The Busan-Fukuoka project is in line with Korea's long-term ambition to create one economic sphere with Japan.
When President Lee Myung-bak attended a bilateral trade conference in April in Ilsan, Gyeonggi Province, he underlined the necessity of bringing Korea and Japan closer economically.
``Considering the geographical proximity between us, creating a common economic sphere will raise the competitiveness of both countries in the global economy," Lee said.
The two port cities share similarities as centers of business and transportation and have traditionally enjoyed active administrative, cultural and tourism exchanges.
In addition, they are both situated far from their respective capitals and have often turned to each other for business and cultural cooperation.
The distance between the two cities is 208 kilometers. Busan is 428 kilometers away from Seoul, which means that it is faster to get from Busan to Fukuoka than to Seoul.
Busan has a population of 3.7 million and the fifth largest seaport in the world, with transportation and shipping among the driving forces of the local economy.
Fukuoka is one of Japan's centers of administration, information, economy and education. It is the capital of Kyushu Island's Fukuoka Prefecture, situated just across the Korea Strait.
Both cities enjoy a healthy level of gross regional domestic product (GRDP), an index measuring the size of a region's economy. Busan's GRDP amounts to $48.8 billion, while that of Fukuoka stands at $71.7 billion.
Fukuoka has a history of extensive and friendly relations with not just Busan, but other Korean cities, including the southern industrial city of Pohang.
Meanwhile, Busan, the nation's second largest metropolis, is currently building a Busan-Jinhae Free Economic Zone as part of efforts to establish itself as a top international trading center.
