[20^th Anniversary of the Busan-Jinhae Free Economic Zone Authority ①]

Global Companies and Talent Flock to BJFEZ...Infrastructure Creation Solidified

◈ Attracted 175 foreign-invested companies and exceeded $4.442 billion in 20 years since opening in 2004

◈ 98.7% of total site development... Promoting the expansion of the Free Economic Zone centered on the Busan New Port

◈ Creating a zone where high-level workers can live with an excellent settlement and global business environment

"Companies and talented people flock to places where it is easy to do business and live. That is the Busan-Jinhae Free Economic Zone(BJFEZ)."

The BJFEZ Authority, the world's logistics and business mecca, is celebrating its 20th anniversary this year. The BJFEZ Authority has been working tirelessly to promote foreign investment, attract companies to Busan and Gyeongnam, revitalize the local economy, and strengthen national competitiveness.

The movement of companies flocking to the BJFEZ is reflected in the numbers. In the 20 years since its opening in 2004, the zone has attracted 175 foreign-invested companies in high-tech industries, port logistics, and other fields, accumulating $4.442 billion in investment. Last year, it received the highest grade of 'S' in the performance evaluation of nine Free Economic Zones nationwide by the Ministry of Trade, Industry, and Energy for the second consecutive year, achieving the best performance among Free Economic Zones authorities in terms of foreign investment (FDI).

◇ Accelerating Demand-Driven Development Plans and Infrastructure

BJFEZ Authority is making every effort to establish optimal development plans and promote development projects that combine the strengths of Free Economic Zones. The development rate of the BJFEZ has reached 98.7% as each district has been developed. Of the 22 districts in five regions, 13 districts have been completed, including the northern distripark of New Port, and seven districts are under development, including the Myeongji District and Wasung District. The Ungcheon and Namsan Districts are currently undergoing development plan revision and implementation.

The BJFEZ Authority, which is on the verge of reaching a 100% development rate, is promoting the expansion and designation of Free Economic Zones to stably handle logistics as a port logistics hub in Northeast Asia and secure new growth engines for the zone.

In addition, the road construction project, a key transportation infrastructure, is progressing at a rapid pace. By opening roads that enter and pass through the BJFEZ in the shortest distance, the authority is promoting balanced development by improving accessibility and connectivity between regions and working to create a convenient and safe settlement infrastructure by resolving traffic inconveniences for local residents.

Of the 22 road improvement projects, 16 roads, including the Soseo-Noksan Road and the Seokdong-Sosa Road, have been completed. Six roads, including ▲Myeongji International New City Access Road Extension, ▲Dudong District Access Road, ▲BJFEZ North Access Road, ▲Myeongji District Phase 2 Arterial Road Extension, Ungdong District North Arterial Road, and Ungdong District Access Road, are scheduled to be completed one after another.

The BJFEZ Authority will continue to speed up development planning, development, and road construction centered on consumers. With the creation of solid infrastructure, the BJFEZ is expected to be a driving force for regional economic growth and play a major role in the balanced development of the country.

◇ Creating an Excellent Settlement and Global Business Environment for Global Talent

The BJFEZ Authority is also spurring the creation of a global business environment where high-level talent can stay. A high-quality settlement environment for R&D, education, medical care, and transportation will be a great strength in attracting global companies and fostering new industries such as high-value-added logistics, advanced parts, and bioindustry.

Myeongji International New City in the BJFEZ is a representative example. It is being built as a city where humans and the environment coexist, including the creation of an ecological park in conjunction with the Nakdong River estuary, with the goal of becoming a forward base for international business that provides an optimal industrial, business, and residential environment for foreign investors.

Myeongji International New City will be home to international business facilities and foreign educational institutions. It is a new city for international business centered in Northeast Asia with medical institutions, hotels, and conventions, and a large-scale shopping complex including department stores, as well as basic living facilities, has been confirmed and is under construction, further enhancing convenient living conditions.

Additionally, the BJFEZ Authority is gathering its capabilities to emerge as a key talent base that supplies high-quality human resources to the southern region by creating an international school and a world-class R&D center.

It is expected to become a mecca for new industries in the southern region and an international business city by creating a global business environment where high-level talents from overseas can stay and conduct business and tourism through Gadeokdo New International Airport.

Commissioner Kim Ki-young of the BJFEZ Authority, said, "Companies and talented people flock to places that are good for business and good to live. The demand for companies to move into the zone is exploding due to the zone's ready industrial infrastructure and excellent settlement conditions."

He added, "Based on the experience of the previous 20 years, we will create a Busan-Jinhae Free Economic Zone that looks ahead to the next 50 and 100 years. If we have drawn a sketch to lay the foundation for the next 100 years of the BJFEZ, we will do our best to materialize the sketch from now on so that it can become an outpost where high-tech and new industries are born in the future."