Busan-Jinhae FEZ seeks to attract more investors

By Kang Seung-woo

The Busan-Jinhae Free Economic Zone (BJFEZ) Authority held an investment seminar Friday in Seoul to attract prospective investors to its key areas of Myeongji and Ungdong.

Around 100 people from real estate developers, financial and strategic investors were present at the event.

Ha Myeng-keun, commissioner of the BJFEZ Authority, said that the two key areas of the economic zone will play an important role in the development of the BJFEZ.

The Myeongji project is expected to be home to foreign investors and their families by offering services ranging from schools, a foreign hospital, medical schools, residences, hotels and convention centers to shopping malls.

The Ungdong Tourism and Leisure project will see the development of golf courses, a hotel and casino, marina, and school as well as a medical tourism center.

The BJFEZ was established in 2004, aiming at becoming the international business and logistics center of Northeast Asia. The area, which covers 104.8 square kilometers (26,000 acres), is located on the southeastern tip of the Korean Peninsula.

The economic zone is strategically positioned along the North American and European trunk routes, the start and end point of the future Asian intercontinental railroad, and the heart of Korea’s southeastern industrial belt.

The commissioner also said that the BJFEZ has displayed an impressive performance in luring more than $1 billion in foreign investments and will keep pursuing its goal of $10 billion in overall overseas investments.

The BJFEZ was selected in September as the best performing free economic zone among the free economic zones _ the Incheon FEZ, Gwangyang Bay FEZ and BJFEZ ― all established in 2004.