By Kim Hyun-cheol
Staff Reporter
The Busan-Jinhae Free Economic Zone Authority (BJFEZA) said Friday a German university will be the first foreign school to open a campus in its business zone.
Busan Metropolitan Government (BMG) and Friedrich Alexander University of Eerlangen-Nurmeberg (FAU) signed an agreement to establish a graduate school within the BJFEZA. Busan Mayor Hur Nam-sik and FAU President Karl Dieter Grueske inked the deal at Busan City Hall with BJFEZA Commissioner Kim Moon-hee also present.
The FAU Research Center for Life Science Engineering will initially offer masters degree programs in chemical and bio-engineering, and will recruit 50 students annually. Following the introductory program, FAU also plans to offer a corresponding Ph.D program.
BMG and the Ministry of Knowledge Economy (MKE) will provide start-up funding for the first five years, the BJFEZA said. FAU also expects to secure 25.7 billion won ($19.2 million) through private partnerships.
The graduate school will have 38 professors and researchers undertaking various projects in medicine, biology, chemistry and molecular studies.
Founded in 1743 in Bavaria, FAU is an acclaimed state-run school with 22 departments, 550 professors and 26,000 students. The university specializes in medical technology, advanced materials, optics, and micro and nano-electronics.
"We expect the opening to provide momentum in attracting more foreign universities and research centers to the free economic zone, which will contribute to the economy of Busan and South Gyeongsang Province," BJFEZA spokesman Bill Woo said.
Of the nation's six free economic zones (FEZs), Busan-Jinhae is the only one that currently has foreign firms operating there ― 12 companies in the Jisa area. The BJFEZA aims to attract $10 billion in foreign investment by 2020, and has secured $5.2 billion from 47 projects as of February this year.
Experts say, however, activities to attract foreign companies are still far from sufficient and lack material support from the central government.
A better environment for residences and businesses for foreigners within the country's economic zones need to be provided, participants said at a seminar in Busan last week. The academic event was held to celebrate the economic zone's fifth anniversary with some 200 guests attending.
``Busan-Jinhae needs to be more focused on marine logistics, in which it has solid advantage,'' said Lee Chang-jae, a research fellow at the Korea Institute for International Economic Policy. ``For that purpose, it is also necessary to build a more comfortable residential environment to pave the way for making it a truly global place.''
The MKE earlier said it will roll out a series of projects to improve the environment for foreign investors this year, while expanding incentives for foreign schools and other institutes to move into the country's FEZs.