The Investor

Vol. 64 January Edition

Mieum and Nammoon Parts & Materials Designation receives a boost with 9 LOIs

In a continuing development reported in the December edition of the Investor Newsletter, the Ministry of Knowledge and & Economy’s proposed exclusive Parts & Materials FIZ designation of Mieum and Nammoon has begun to have a positive effect; to date 9 LOIs (Letters of Intent) have been received by the BJFEZA: 7 for the Mieum district and 2 for the Nammoon district.

This comes at a difficult time as the global economy has slid into a serious recession and has led many foreign investors to reconsider expansion plans.  Since the MKE announcement in December 2008, the BJFEZA has been busy canvassing foreign investors from Japan to relocate parts & materials facilities to Korea in a bid to strengthen the country’s parts & materials industry and address a significant amount of the overall fiscal trade imbalance with Japan.

The proposed Nammoon district FIZ (132,000㎡) and Mieum district FIZ (330,000㎡), when formally designated, will have substantial financial support from the central government (up to 75% contribution of land formation costs and various extended tax benefits.)  Approval is expected in June of this year.

For further information regarding current projects or any other matter regarding the Busan-Jinhae Free Economic Zone, please contact us Monday-Friday 9 am-6 pm.

Paul Lanari                                              Bill Woo

Public Relations Officer                             Public Relations Director 

82-51-979-5332                                         82-51-979-5330

paul@bjfez.net                                         billwoo@bjfez.net