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Welcome to the Busan-Jinhae Free Economic Zone Promotion Center, ‘BJFEZ Vision Hall.’
Hello, I am your docent for BJFEZ Vision Hall Tour.
Let me give you an overview of BJFEZ and introduce its development status.
We will now get to know BJFEZ with its high-tech exhibition facilities and various videos, images, and hands-on activities.
Now we are in Vision Hall.
Here you can enjoy the videos through the four-sided screens in front of you.
On the bottom, you can see the total area of BJFEZ in a diorama.
Let’s take a brief look at BJFEZ.
BJFEZ is located throughout the two cities. Busan and Jinhae of Gyeongnam Province.
To the right of BJFEZ is Busan, and to its left is Jinhae.
As you can see, BJFEZ consists of 5 areas, and each area is designed and developed according to its purpose of development.
New Port Area
: The global hub for logistics with the world's 7th port, 'Busan Port.'
: The center of logistics with large-scale logistics centers, including the largest cold-chain storage facility in the region.
: The core of complex logistics with logistics centers of prominent Korean companies, and also the future hub for Port and Logistics R&D
: The area focused on high-tech manufacturing, specializing in parts&materials industry
and lastly, Myeongji Area
: The new hub for R&D and International Business, focused on the Medical & Biopharmaceutical industry
If you wish to know more about each area, please touch on the kiosk to play an introduction video.
This is the Exhibition Hall, where you can get basic information on BJFEZ.
First, let me tell you what a Free Economic Zone is.
A Free Economic Zone, FEZ in short, refers to a designated area designed to create and improve business environment for foreign-invested companies.
Currently there are nine FEZs in Korea, and the yellow dots on the map show where the FEZs are located.
BJFEZ is located in the southeastern part of Korea, serving as the gateway to Eurasia and the Pacific.
The total area of BJFEZ is 50.7 km2, marking the third largest FEZ in Korea. This size is equivalent to 18 times the size of Yeouido.
BJFEZ was designated as a free economic zone on Oct. 30, 2003, and is the second-oldest FEZ in South Korea following IFEZ.
It has been about 20 years since the inauguration, and BJFEZ is evaluated as one of the best free economic zones both domestically and internationally.
In the FEZ Performance Evaluation conducted by the Ministry of Trade, Industry and Energy,
BJFEZ ranked first for three consecutive years from 2016 to 2018 and received the top grade of 'S' in 2020 and 2022.
Moreover, the 「Site Selection」, an acclaimed investment attraction magazine in the US, selected BJFEZ as the best Asia-Pacific Free Zone in 2017.
The reason why BJFEZ has a high evaluation domestically and internationally is because of its strength and competitiveness.
This strength and competitiveness can be defined as the Tri-port. The Tri-port refers to the three logistics infrastructure― the seaport, airport, and railway.
As you can see in the panel, the seaport refers to Busan New Port, the airport refers to Gimhae International Airport, and the railway refers to Busan New Port Freight Station.
Busan New Port is located in the New Port Area, which is the heart of BJFEZ.
As of 2022, Busan New Port operates 26 berths.
It is the world’s seventh-largest port in container volume and the second-largest in transshipment.
However, there is more. .
BJFEZ is ready to welcome another large-scale port, the Jinhae New Port by 2040.
With an investment worth approximately 11.5 billion USD, Jinhae New Port will be constructed on the left side of Busan New Port.
The number of berths operating in BJFEZ will increase from 26 to 60. These two ports will become one of the world’s top three ports that can process 42 million TEU annually.
Gimhae International Airport is located on the left side of the West Busan Distribution District, which is a part of the Myeongji Area.
Gimhae International Airport is the largest airport in the region which has approximately 16 million annual passengers as of 2019.
It is just 15 km-away from Busan New Port in a straight-line distance, and can be reached in just 20 minutes by car.
Just like BJFEZ’s port infrastructure, the air infrastructure will be further developed.
Gadeok International Airport will be constructed in the center of Gadeok island, which is just 10 minutes away from Busan New Port.
With an airstrip of 3,500 m and 54 docks, it will handle about 24 million passengers and 280,000 tons of cargo.
Once completed, the logistics synergy effects created by Gadeok International Airport and Busan New Port will be immense.
Busan New Port Freight Station is in the Songjeong district, a part of the Jisa area.
It is about 5 km from Busan New Port in a straight-line distance.
The railway network connecting to Seoul delivers cargo straight from Busan New Port to the Seoul metropolitan area.
When metro-railway connecting Masan, Busan, and Ulsan are constructed, its function as a logistics complex will be further strengthened.
If South and North Korea unite in the future, Busan New Port will be the start and end point of the Eurasia trans-continental railway, strengthening the BJFEZ’s logistics competitiveness even more.
Thanks to such competitive advantages, various domestic and foreign companies are located or wish to be located in BJFEZ.
I will now introduce the tenant companies of BJFEZ.
The company logos shown on the wall are the logos of our tenant companies.
Various companies from Asia, Europe and North America are located here.
As of 2021, over 1,800 companies are doing business in BJFEZ
Japan ranked first in the country where the most foreign-invested companies in BJFEZ are from, followed by countries such as China and Singapore.
Next, let’s take a look at the future of BJFEZ and how it will look around 2030.
New Port, Dudong, and Jisa area in the center of the flat screen will be a place for the industry.
And the lower part of the Industrial Complex here will be the center of port logistics, while the upper part being the heart of advanced manufacturing.
The place beyond the West Nakdong River on the right and the Angol Bay seas on the left will be for the people to live.
Myeongji Area will be the center for international business and a knowledge-based industry with distinguished residential complexes.
And the Ungdong area will become an industrial complex with manufacturing and logistics industries and leisure facilities combined.
Let’s take a look at the air-view of BJFEZ.
You can also enjoy this air-view on our website..
This air-view is being maintained up-to-date by every quarter.
First, let’s move over to the Jinhae New Port site.
Press the Info button to see a preview image of how Jinhae New Port will be constructed in the future.
Press the Major Site Status button at Ungdong district, Busan Science & Industrial Complex, Mieum district, and Myeongji district to see current tenant companies, and the site availability.
Lastly, on this wall, you can see how BJFEZ has changed over time.
You will be able to witness the vast sea transforming into a port, a quiet mountain valley becoming a high-tech industrial complex, and green farmlands morphing into cutting-edge residential and commercial spaces.
This is the Information Hall where BJFEZ has meetings and investment consultations with investors.
There are conference rooms of three sizes: 4, 10, and 45 people.
All three conference rooms are equipped with video conferencing systems, allowing both online and offline meetings.
These conference rooms are rented free of charge for our tenant companies to offer further convenience and the bookings for use can be made at the BJFEZ website.
The kiosk installed on the wall of the Information Hall offers various promotional publications of BJFEZ.
Please touch the screen to see more details.
In addition, winners of the BJFEZ Architecture Design Awards held every year can be seen on the wall display and digital frames.
I hope you enjoyed the BJFEZ Vision Hall Tour.
BJFEZ will continue to provide more convenience and useful information to visitors.
Thank you very much.