It includes projects such as a new 30-berth container port – to be completed in 2010 with its first three births to be ready by January 2006 – as well as the Busan Science & Industrial Park which will open for construction this year. Other developments include an international business city, foreign residential areas, manufacturing, R&D and logistics industries as well as tourism and leisure projects.
The entire development project is scheduled for completion by the year 2020.
Investors move in
Already, much FDI progress has been made. To date, the BJFEZ Authority has attracted $3.7bn in foreign investment. Last year saw tremendous success with the investment of Dubai Ports International into the construction and operation of the New Port as well as an investment MOU signed with SnowBox, a UK leisure facility which plans to build an indoor ski dome within the zone. Likewise, Renault-Samsung Motors announced plans to invest $600m into its already existing plant within the FEZ.
The latest investment achievements include a Letter of Intent signed by Advanced Metalforming Technologies Inc. (AMT) of the US for the establishment of a forged aluminum alloy wheel factory within the Busan Science & Industrial Park. Another LOI was submitted by Regent Aerospace Corporation which plans to also build a manufacturing base, also within the Science & Industrial Park. Both LOIs were signed during a recent trip to the US headed by the BJFEZ Authority’s Commissioner Soo-Man Chang.
Among the attractions of the BJFEZ, the zone’s low logistics costs resulting from the New Port as well as its strategic location and strong existing industrial belt were cited by these companies as factors creating an ideal investment environment.
The BJFEZ Authority is also working seriously to attract international schools and hospitals within its boundaries in an effort to create comfortable living and working environments for foreigners who will be residing within the zone.
Since the BJFEZ’s establishment in November 2004, many foreign investors have been coming into the area and showing great interest in establishing themselves within there. It looks like a bright future for the Busan-Jinhae Free Economic Zone.