The Investor
Vol. 45
July 10, 2006
As the world’s interest in the business environment of Northeast Asia continues to grow, Korea is taking steps toward making itself more competitive, including how to make its Free Economic Zones attractive to foreign investors.
On July 6th at the Shilla Hotel in Seoul, international business people, domestic and foreign academics, journalists and civic group members gathered to discuss the direction of South Korea’s economy and the outlook of its Free Economic Zones during an international seminar titled "From FEZs to a Northeast Asian Business Hub: Challenges and Future Directions."
Commissioner Chang Soo-Man of the Busan-Jinhae Free Economic Zone Authority presented the aims, development plans and outlook for the completion of the BJFEZ. Various panel discussions followed his presentation.
Participants concluded that Korea very much is on track toward becoming the third richest nation by 2025 as predicted by a recent Goldman-Sachs report. However, all present concluded that steps for improvement must be implemented now.
Some proponents suggested that Korea adopt English as one of its official languages. They stressed the importance of how the nation seriously needs to work hard toward improving its proficiency in English. Others wanted to see the Korean market open up more and liberalize itself so as to attract additional incoming FDI while certain individuals called for more government support of domestic firms, saying that a thriving local economy will naturally attract foreign enterprises to the nation.
As for the role of Free Economic Zones in Korea, including that of the Busan-Jinhae FEZ, it was agreed upon that such areas can indeed serve as growth engines for the nation. Singapore and Dubai in particular can serve as models for Korean development.
At the seminar's conclusion, all agreed that with continued marketing approaches and government support, the Busan-Jinhae FEZ can indeed serve as a bridge to the Northeast Asian market.
Contact us:
Jodi Kiely
Public Relations Officer/Project Manager
jodi@bjfez.net
++82-51-979-5334
Bill Woo
Public Relations Director
wangsukwoo@bjfez.net
++82-51-979-5330
Donald Lee
Real Estate Development & Investment Director
dylee@bjfez.net
++82-51-979-5310
Cho Ik Geon
High Technology Industry Director
igjoe@bjfez.net
++82+51-979-5290
Jay Lim
Tourism & Leisure Industry Director
younglim@bjfez.net
++82-979-5370
Kim Jung Gon
Port & Logistics Director
jugkim@bjfez.net
82-51-979-5299
