Development Direction

  • Vitalize foreign investment and enhance BJFEZ brand by improving foreigners’ living environment
    within Busan Jinhae Free Economic Zone
  • Establish foreign educational institutions or Jinhae area in order to absorb a part of domestic demand for study-abroad.
  • Invite foreign medical institution and medical R&D to reside at international medical city of Myeongji District

Investment Conditions

  • Additional facilities such as school, hospital, golf course, marina and sport park are available within the Ungdong Tourism Leisure complex for higher efficiency of investment
  • Best business environment with direct consumer market of 8 million and by various transportation systems

Investment target area: Myeongji, Ungdong, Nammoon

Myeongji International Business City

  • Location: Myeongji-dong, Gangseo-gu, Busan
  • Area: 4,476,000 ㎡
  • Land Preperation : 2003~2015 (Phase Ⅰ)
  • Land developer: Korea Land & Housing Corporation
  • Target Business : Int'l business, residential, commercial, convention center, foreign educational institution, foreign medical institution, R&D center and etc

Ungdong District

  • Location: Jedeok-dong, Jinhae-gu, Changwon City, Gyeongnam Province
  • Size: 2,258,000 ㎡ (557.9639ac)
  • Project Period: 2004 ~ 2018
  • Land Owner: Gyeongnam Development Corporation and Changwon City
  • Developer: Jinhae Ocean Resort Co., Ltd.
  • Major facilities: golf course, luxury hotel, man-made beach (water park), sports park, foreign hospitals, educational institutions, marina, etc

Nammoon District

  • Location: Nammoon-dong, Jinhae-gu, Changwon City, Gyeongnam Province
  • Size: 1,087,000 ㎡ (268.6035ac)
  • Project Period: 2006 ~ 2014
  • Developer: Gyeongnam Development Corporation
  • Major Facilities: University, Professional educational institution, R&D Center, High-tech Industry

Bobae Reseach District

  • Location : A part of Du-dong, Jinhae-gu, Changwon city (Gyeongsangnam-do)
  • Project period : 2003 ~ 2016
  • Area : 785,000㎡ (193.9777ac)
  • Major Facilities: University, R&D Center
  • Developer : Dong-A University Foundation

Investment Guidance for Educational and Medical Institutions

Educational Institutions

Demand

  • Foreign Students
    • Primary Demand: Foreign Students who can commute to school
      • Foreign students in BJFEZ and neighboring cities
      • Foreign student in Busan, Changwon, Ulsan, Gimhae, Yangsan, Miryang
    • Secondary demand: Foreign students in Korea (provision of dormitory facility)
    • Tertiary demand: Students from Japan and China
  • Korean students
    • Primary demand: Students in Busan/Gyeongsangnam-do
    • Secondary demand: Korean students who returned from overseas (Dormitory facility)

Relevant Status

  • Relevant Status
    • Foreigners in Busan and Gyeongnam (86,226 from 60 countries)
      Foreigners in Busan and Gyeongnam (86,226 from 60 countries)
      Nationality Total USA Canada Australia New Zealand Germany Japan Europe Sub-total
      (Major countries in the left)
      Busan 31,615 1,622 575 99 45 76 946 1,079 4,442
      Gyeongnam 54,611 1,204 299 101 85 92 925 1,761 4,467
    • Foreigners in Busan and Gyeongnam by age group  3,010 (Age 1~19), 2,274 (Age 5~19)
      Foreigners in Busan and Gyeongnam by age group  3,010 (Age 1~19), 2,274 (Age 5~19)
      Age Group 1-4 5-9 10-14 15-19 Total
      Busan 379 389 354 676 1,798
      Gyeongnam 357 256 176 423 1,212

Foreign Educational Institution vs Foreign School

Foreign Educational Institution vs Foreign School
  Foreign Educational Institution International School
Domestic
Student Ratio
(K∼12)
30% of the student quota (Up to 50% under discretion by the Local Superintendent of Education)  
Status 2 for K∼12 schools, 4 for foreign universities(graduate school)
2 for K∼12 schools, 4 for foreign universities(graduate school)
Type School Status
K∼12
School
<2>
Daegu
International
School
Open : 2010. 8. 23

Course : K~12 /
# of Students(quota) : 580

Main Campus : Lee Academy(US)
Incheon
Chadwick International
School
Open : 2010. 9. 7

Course : K~12 /
# of Students(quota) : 2,080

Main Campus : Chadwick School(US)
University
(Graduate
Schools)
<4>
FAU Busan Open : 2011. 3. 2
Course : Graduate /
# of Students(quota) : 100
Main Campus : Friedrich-Alexander
University of Erlangen-Nuremberg
(Germany)
State
University
of New
York
Open : 2012. 2. 27
Course : Undergraduate(Graduate) / # of Students(quota) : 300
Main Campus : State University
of New York at Stony Brook(US)
George
Mason
University
Open : 2014. 3
Course : Undergraduate /
# of Students(quota) : 160
Main Campus : George Mason University
Ghent
University
Open : 2014. 9 (Planed)
Course : Undergraduate /
# of Students(quota) : 225
Main Campus : Ghent University(Belgium)
University
of Utah
Expect to be open(‘14)
50Schools
*Cheongna Dalton School(Established in IFEZ)

Foreign Medical Institution

Foreign Medical Institution
  Foreign Medical Institution
  Types of hospitals : General Hospital, Hospital, Dental Clinic, Sanitarium (Recuperation Center)
Relevant Laws
  • Special Act on Designation and Management of Free Economic Zones
    ※ Special Act on Establishment and Management of Foreign Medical Institution in Free Economic Zones and Jeju Free International City (pending)
Establishment Body Foreigners, Corporation established in FEZ for medical service business Eligibility : Foreigner’s capital participation of 5 billion Korean Won (approximately US$ 5 million) or more with a foreign equity ratio of over 50%
Establishment Procedure
  • Letter of Intent(LOI) Submission to the BJFEZ Authority
  • MOU Signing(BJFEZA↔Applicant)
  • Application to the Ministry of Health & Welfare for permission of the medical institution
  • Deliberation and resolution by the Ministry of Health and Welfare and the Free Economic Zone Committee
  • Prior Approval by the Ministry of Health & Welfare
  • Construction
  • Permission of opening foreign medical institution by the Ministry of Health & Welfare
Special Regulation
  • For-profit organization: allowed
  • Exemption from application of National Health Insurance System,
  • Foreign medical license holders(medical doctors, dentists and pharmacists) : allowed,
  • Can operate medical tourism facilities like Spa. hotels, resorts
  • Tax Incentives (for investment of US$ 5million or more)
  • Reduction or exemption of National Tax : Corporate & Income Tax(100% for 3years, 50% for following 2 years)
  • Local Tax : Acquisition Tax, Registration Tax(100% for 15 years) Property Tax(100% for 15 years : Gyeongnam) (100% for 7 years, 50% for following 3 years : Busan)
Incentives Reduction or exemption of Corporate ·Income Tax(100% for 3years, 50% for following 2 years) for investment of US$ 5million or more.