BJFEZ Signs MOU with Industrial and Commercial Bank of
China (ICBC) Busan Branch to Strengthen China Network

Busan-Jinhae Free Economic Zone Authority (BJFEZ) announced on November 28 that it has signed a Memorandum of Understanding (MOU) with the Industrial and Commercial Bank of China (ICBC) Busan Branch, China’s largest commercial bank, to enhance cooperation in investment promotion.

This agreement extends BJFEZ’s ongoing efforts to build a stronger investment network in the Chinese region, improving accessibility for Chinese companies seeking to invest in Korea and boosting foreign direct investment (FDI) into the Busan-Gyeongnam area.

Under the MOU, both organizations will develop a practical cooperation model to systematize investment promotion and financial support for Chinese firms. Utilizing ICBC’s extensive network of Chinese corporations, they plan to jointly host investment briefings, seminars, and roadshows focusing on BJFEZ’s strategic industries — including advanced manufacturing, logistics, eco-friendly energy, and offshore plants.

ICBC Busan Branch will offer customized financial services such as trade finance, funding solutions, and foreign exchange risk management to companies seeking to locate within BJFEZ, while BJFEZ will provide comprehensive support for site selection, incentives, administrative procedures, and corporate establishment — forming an integrated “one-stop” investment support system.

The two institutions will hold annual joint reviews of investment and financial cooperation results through a regular consultative body, ensuring a sustainable partnership beyond symbolic agreements.

Commissioner Park Sung-ho stated, “ICBC is a key financial partner supporting Chinese firms’ expansion into the Busan-Gyeongnam region. This MOU will enable more practical and operational investment activities while enhancing our global competitiveness through stronger China connectivity.”

ICBC Busan Branch Manager Won So-bin added, “BJFEZ is emerging as a key logistics and advanced industry hub in Asia. Our collaboration will not only attract more Chinese investment but also facilitate greater two-way business exchanges between Korea and China.”

 

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