Global financiers eye Busan-Jinhae FEZ
Global financiers and multinational companies increasingly eye the burgeoning Busan-Jinhae Free Economic Zone as basic infrastructures spring up there and as a wide variety of economic incentives are offered.
A recent investment decision well demonstrates the trend.
A group of local and overseas financiers are set to build a foreign medical institute in an effort to address the growing needs for advanced medical services for foreigners and visitors in the Busan-Jinhae FEZ.
The BJFEZ Authority announced that it had struck an investment deal with KNC Capital Advisors, Woori Bank and ABN AMRO in
The authority added a specialized
The establishment of foreign medical institutions within
S.F.S. Ltd., a Shanghai-based shipbuilding part maker, and Shinsegae International Corp. are also set to build a joint manufacturing venture in the Busan-Jinhae Free Economic Zone in an effort to tap the world's largest shipbuilding market in the region.
The Busan-Jinhae FEZ Authority said that the joint venture company will establish a $10 million plant by 2009, aiming at supplying vessel parts to the fast-growing Korean shipbuilding market.
The company also plans to tap the overseas markets, including Europe,
The investment decision also demonstrates that the nation's
The BJFEZ is adjacent to Ulsan, South Gyeongsang Province, where many major shipbuilders such as Hyundai Heavy Industries Co. are located, offering geographic advantages to the part maker.
As the Northeast Asian economy rapidly expands - with
At the center is the Busan-Jinhae FEZ, which is ideally located on the southeastern coast of
Designated as a Free Economic Zone in 2003, the free economic zone has already begun the process of transforming itself into a top-class world business hub.
By 2011 it will be home to a new 30-berth container port to promote faster and more efficient logistic services for investors.
In addition to its plans for creating state-of-the-art port facilities, the 104.8 square kilometer BJFEZ will also have an area for manufacturing, a new international business district, the Busan Science & Industrial Park for R&D centers, an
Foreign investors are not only attracted to the capabilities of the
Many local and foreign-invested manufacturers have already established large-size industrial masses, which include major automakers and oil refineries.
The area is also home to world-class aerospace and machinery companies and logistic businesses as well.
The BJFEZ's strategic location between
On the back of such business charms, a wide variety of industries have been lured into the free economic zone and have settled there.
The
Other investments include the American company NKCF which will construct a $40 million compressed natural gas tank and jumbo cylinder plant within the zone and the
Likewise, Regent Aerospace, also from the
By Ko Kyoung-tae
2006.08.07