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The Investor (Vol. 49)

CreateDate: 2006-09-15 00:00:00.0
Writer: 유치1실
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The Investor

Vol. 49

An Update on the Busan New Port

On January 19^th of this year, the Busan New Port, Korea’s newest sea port and the country’s soon-to-be-largest, officially opened its first three berths for operation. The port project, a massive undertaking within the Busan-Jinhae Free Economic Zone (BJFEZ), will have a total of 30 container berths by its completion in 2020.

Its first year in business has gradually seen an increase in calling ships. Among its current customers are MSC Line of Switzerland, UASC of Kuwait, ZIM Line of Israel and Emirates Shipping Line of the United Arab Emirates which are making visits 7 times a week.

When the next three berths are completed at the end of this year, a total of six berths will be in operation by early 2007 and container traffic is expected to increase even more.

A great deal of FDI, foreign know-how and manpower has gone into this ambitious project. Dubai Port World of the UAE has invested US $2 billion into the construction and management of the port’s northern container terminal while a consortium made of Israel’s ZIM Line and France’s Bouygues are in the final stages of making an $800 million investment into the construction and operation of the southern container terminal.

While the port itself has been making steady progress, its logistics park has taken off with huge success. Bidding for space within the park has been highly competitive. Currently 8 consortiums comprised of 24 foreign and domestic companies have invested US $320 million into the area. They are participating in value-added activities such as processing, packaging and assembling.

Once completed, the Busan New Port will be a strategic fixture within Korea and also a highlight of the BJFEZ’s new international city, Myeongji.

Myeongji, to be located between the new port and downtown Busan, will serve as a business and residential center for the zone, catering especially to foreign expatriates and the business activities related to the port. The BJFEZ Authority is currently marketing Myeongji to international real estate developers around the world.

Jodi Kiely

Public Relations Officer/Project Manager

jodi@bjfez.net

++82-51-979-5334

Bill Woo

Public Relations Director

billwoo@bjfez.net

++82-51-979-5330

Donald Lee

Real Estate Development & Investment Director

dylee@bjfez.net

++82-51-979-5310