Developer envisions a logistics hub

The Busan-Jinhae Free Economic Zone Authority will try to customize the type of foreign businesses it attracts, said Kim Moon-hee, the recently-appointed commissioner of the organization.
Kim sees the zone’s future as a logistics hub, not only for Korea but also for the Northeast Asian region.
“I will divide the zone into sections to speed up the development,” he said.
To make his vision a reality, the first step is to build the area’s infrastructure, Kim said, like roads, electricity and water. “With better infrastructure, it will attract more foreign direct investment.”
The commissioner noted that certain obstacles lie ahead. “Of course, additional money from the central government is helpful, but what we need more is government deregulation.”
The total area of the zone is 26,000 acres, but 6,534 acres is greenbelt where almost nothing can be developed. The authority wants the government to allow buildings there. Another part of the economic zone is a cultural assets protection section. Development in this area is possible, but much stricter guidelines are in place.
The project is not for the current generation, said Kim. Sacrifice is needed, from the government workers and everybody working for the project.
President Roh Moo-hyun had suggested in June of last year that the zone specialize in information technology or biotechnology, but the former zone commissioner, Jang Soo-man, had other ideas.

By Hwang Young-jin Staff Writer [yhwang@joongang.co.kr]