By Do Je-hae
Staff Reporter

Busan and Fukuoka have confirmed 64 projects that will ultimately create a common economic zone between the two cities with 20 years of extensive sister relations, according to officials Sunday.

Busan Mayor Hur Nam-sik signed an agreement Friday with Fukuoka Mayor Yoshida Hiroshi, officially launching the project that has been under discussions since last year.

``It is the first supranational project of its kind in Northeast Asia, aimed at benefitting the competitiveness of the two cities and boosting local economies,'' Mayor Hur said.

``With a combined gross regional domestic product (GRDP) exceeding $500 billion, the economic zone goes beyond borders and nationalities to create one of the most competitive economic powers in Northeast Asia,'' he said. GRDP is an index measuring the size of a region's economy.

When completed, it is expected to be the seventh largest economy in Northeast Asia, after Beijing, Shanghai, Hong Kong, Tokyo, Osaka and Seoul and its vicinity, officials said.

The common economic zone is aiming for completion in 2023, but most of the essential projects will start seeing results over the next three to four years.

First proposed by Busan last year, the economic zone project will include a joint nurturing of future-oriented businesses, facilitating a common living sphere, easing trade regulations and boosting mutual investment.

The two cities will first establish business centers for connecting corporations in the two cities as well as joint investment committees.

Busan and Fukuoka will seek a common use of electronic money that can be used in either city, expand the usage of Korean and Japanese in major public facilities, and facilitate immigration procedures.

Also, they will boost exchanges among the 26 universities in their cities and expand cross-internship opportunities.

They will launch a ``Busan-Fukuoka Asia Gateway 2011'' campaign to promote tourism and cultural exchanges.

The two cities will create a joint portal to publicize the common economic project and will seek cooperation from the central governments of their respective countries for legal and financial assistance.

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.

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, officials said.

The project is in line with Korea's long-term ambition to create one economic sphere with Japan.

The two port cities share similarities as centers of business and transportation and have traditionally enjoyed active administrative, cultural and tourism exchanges.

Fukuoka is 208 kilometers from Busan, Korea's second largest metropolis and a top international trading center.

The combined population of the two cities is estimated at 21.2 million.

jhdo@koreatimes.co.kr