BJFEZ signs an MOU worth $270M(USD) with Coupang

● Coupang, No.1 e-commerce company of South Korea
● Establishment of a new distribution center in BJFEZ’s Dudong District
● Investment worth $270M(USD) & creating over 3,200 new jobs

The Busan-Jinhae Free Economic Zone (BJFEZ) Authority, the Gyeongsangnam-do Provincial Government, and the Changwon City Government signed an MOU with Coupang, a company that will establish a distribution center in the BJFEZ’s Dudong District, for investment and job creation, on April 6 at 3:00 p.m. at the Gyeongnam Creative Economy Innovation Center.

Under the agreement, Coupang will invest around KRW 298.6 billion in the Dudong District in Jinhae-gu, Changwon City by the end of this year, creating 3,200-plus jobs.

Coupang is Korea’s No.1 e-commerce company, and was floated on the U.S stock market in March 2021. The attraction of Coupang’s Mega Hub Center is expected to rejuvenate the economy of the Dudong District, which has been designated as an employment crisis area due to the stagnation of local key industries, such as shipbuilding and auto part manufacturing.

The advanced distribution center to be established in the BJFEZ is part of the nationwide distribution system for Coupang’s “rocket delivery services.” The fulfillment center will serve as the company’s outpost for Gyeongsangnam-do.

The distribution center will be equipped with facilities that integrate the whole process of transport, packing, inspection, operation, and delivery. The agreement includes the preferential hiring of 3,200 locals.

The Dudong District is a core district of the BJFEZ and houses several businesses, including LG Electronics’ Integrated Logistics Center and Kas Global. A total of 15 distribution centers are already being operated or expected to be built in the District.