BJFEZ rekindles the spark of investment as Korea’s
“Second Growth Engine”

- Commissioner Park Seong-ho marks 300 days in office

- Business-centered administration drives investment… Key projects back on track

- Expansion of the free economic zone, budget and manpower reinforcement are urgent tasks

 

On the occasion of his 300th day in office, Park Seong-ho, Commissioner of the Busan-Jinhae Free Economic Zone Authority (hereinafter “BJFEZ”), stated, “I will nurture the Busan-Jinhae Free Economic Zone (BJFEZ) as Korea’s second growth engine.”

Since his inauguration, he has focused on two main pillars — business-centered administration and regulatory innovation — and has devoted his efforts to reorganizing BJFEZ into a business-driven investment hub that companies seek first.

 

■ Business-centered administration

Commissioner Park said, “Diagnosing corporate difficulties and presenting solutions is the essence of administration,” and has established the concept of “Corporate Team Doctor Administration” as BJFEZ’s representative brand since taking office.

He personally visits company sites to discuss production, workforce, and investment issues directly with executives and staff, devising on-site, practical responses, and is building a partnership model in which enterprises and administration grow together.

The “Corporate Field Forum,” newly launched this year, is one representative example. Regular meetings are held with the Tenant Companies Council, where BJFEZ discusses policies and industrial issues with companies to seek joint response measures.

The first forum was held under the theme “Foreign Worker Supply and Support Policies for Residential Environment,” during which Commissioner Park met with Busan Mayor Park Heong-joon to propose countermeasures.
In August, BJFEZ also signed a financial support agreement for foreign workers with BNK Kyongnam Bank, achieving tangible results.

The newly introduced “Corporate Field Tour” aims to strengthen mutual learning and cooperation among tenant companies to jointly overcome management difficulties arising from global uncertainty.

The first visit was made to Panasia Co., Ltd., a leading company specializing in eco-friendly equipment.
Lee Soo-tae, CEO of Panasia and Chairman of the Tenant Companies Council, delivered a lecture on AI-based robotic and smart facility autonomous manufacturing, which received strong positive responses from attendees.

 

■ Foreign investment doubled

As of the end of September this year, BJFEZ achieved USD 372.5 million in foreign investment, more than double the annual target of USD 180 million.
This marks the second consecutive year of record performance, following USD 275 million achieved last year.

This success stems from regulatory relaxation and field-oriented administrative execution. By integrating company management cards that had previously been managed by each department into a centralized database and establishing a system for immediate on-site collection and resolution of corporate grievances, BJFEZ has effectively incorporated the voices of businesses into its policy framework.

Commissioner Park stated,
“Receiving the S-grade rating from the Ministry of Trade, Industry and Energy for four consecutive years is not merely an evaluation—it is an indicator demonstrating the execution capability of an organization that truly works.”

 

■ Myeongji to become a “Premium International New City”… Jinhae emerging as an integrated logistics hub

Myeongji International New City is being developed into an international business hub by upgrading residential, educational, medical, and transportation infrastructure.
Two international schools — Royal Russell School (UK) and Wellington College (UK) — are in the process of establishment. In June, BJFEZ also signed an agreement with Dongguk University to develop a comprehensive medical town, completing the final puzzle piece of its high-quality residential environment.

The Jinhae region is transforming into a center for advanced integrated logistics based on its Tri-port infrastructure, connecting port, air, and rail transportation.

LX Pantos is investing KRW 100 billion to build an eco-logistics center in the Seokon Hinterland Complex within the Ungdong District, aiming to establish a global eco-friendly logistics hub.

In addition, Hyundai Glovis Co., Ltd., Korea’s top logistics company, will invest KRW 180 billion to construct a logistics center on a 94,938㎡ (approx. 28,719 pyeong) site within the Ungdong Hinterland Complex Phase 2, equivalent to the size of 13 football fields.

The approval of the revised development plan for the Bobe Complex District in September is also noteworthy. BJFEZ held five rounds of resident meetings to collect opinions, and Commissioner Park personally attended the Economic Free Zone Committee of the Ministry of Trade, Industry and Energy, explaining the need for the change and requesting cooperation from committee members.

The main changes include: ▲ Addition of logistics industry land use within industrial zones, ▲ Installation of Korea’s largest underground cold-chain facility, among others.

 

■ Long-stalled “Ungdong District 1” development project back on track

The Ungdong District 1 development project, which had long been stalled, has been rapidly normalized since Commissioner Park took office.
In March of this year, the Gyeongnam Development Corporation was designated as the sole project operator, and in May, an administrative normalization agreement was signed with Changwon City and the corporation, resolving administrative uncertainties.

In July, the Ministry of Trade, Industry and Energy approved an extension of the project period until 2027, and BJFEZ has completed changes to the implementation plan following the revised development plan.
Currently, design work is underway to begin construction of remaining infrastructure facilities (roads, green spaces, etc.) in January 2026.

To resolve issues related to livelihood compensation land for displaced fishermen, BJFEZ plans to complete part of the construction and revise plans by April 2026, enabling affected fishermen to exercise their rights to the land.
For this purpose, BJFEZ has held more than 10 consultation meetings with the Fishermen’s Association, maintaining continuous communication.

 

■ Rapid rise as a “Global Quadra-Port”

BJFEZ is emerging as a key axis of the southeastern economy and Korea’s second growth engine, driven by favorable maritime and economic developments such as the opening of the Arctic Route and the relocation of the Ministry of Oceans and Fisheries to Busan.

The southeastern region is the heart of Korea’s industrial sector, hosting 90% of domestic shipbuilding production, 50% of automotive parts manufacturing, and 40% of machinery component production.

BJFEZ’s development rate has reached 98.7%, but the expansion of the free economic zone is essential for it to grow as a Northeast Asian logistics hub.
To that end, BJFEZ is promoting the designation of the Tri-port Complex Logistics District (Hwajeon-dong, Gangseo-gu, Busan) and the Jinhae New Port Hinterland Complex (Jinhae-gu, Changwon City) as new free economic zones.
In addition, expansion plans are being pursued for Gadeokdo Airport Complex City and nearby areas in Geoje and Gimhae.

Commissioner Park stated, “The southeastern region must now prepare for the next 20 years through industrial advancement, talent cultivation, and regulatory innovation.” He further emphasized, “Given the rapidly changing domestic and global environment, it is difficult to meet growing demands with the current manpower and budget alone. Therefore, government-level reinforcement of personnel and budget expansion must proceed simultaneously.”

 

This press release has been translated with the help of ChatGPT.