FEZ unveils investment goal for 2013

Ha Myung-geun Commissioner of FEZ Authority

The Busan-Jinhae Free Economic Zone (FEZ) is accelerating efforts to become a reputational free economic district with a goal of attracting $250 million foreign investment in 2013.

The Busan-Jinhae FEZ Authority said yesterday it will ramp up efforts to increase investment from emerging countries and invite R&D facilities of advanced businesses.

Efforts will be focused on the creation of Myungji International New Town and Ungdong Leisure Town. In particular, the FEZ will start soliciting investment for a commercial district in the new town. Construction of a golf course and an international school in the leisure town will begin by the end of the year.

Next year marks the 10th anniversary of creation of the FEZ. The 83.1-square-kilometer (31-square-mile) FEZ, located at the economic center of Northeast Asia, aims to be one of the world’s important economic centers, equipped with sufficient infrastructure, including the New Busan Port and the Trans-Siberian Railway connecting Busan with Central Asia.

Over the past nine years, six of 21 industrial districts and six of 18 road projects were completed. Three additional districts and four road projects will be finished by the end of the year.

By 2020, the Busan-Jinhae FEZ also plans to develop a new port with 45 berths capable of handling 20 million TEU containers annually. It will be connected to the old Busan Port, the fifth-largest cargo port in the world.

By Song Su-hyun [ssh@joongang.co.kr]