Busan-Jinhae Free Economic Zone (BJFEZ)
[Bird's-Eye View of Busan-Jinhae Free Economic Zone]
Project Overview
- Location : A portion of land in Busan and Jinhae (South Gyeongsang Province)
- Area : 104.8㎢ (25,152 acres)
- Project Period : 2003~2020
- Five Development Areas : New Port, Myeongji, Jisa, Dudong, Ungdong
With Northeast Asia becoming a focal point in international business, the Korean government has designated three Free Economic Zones as a way to promote foreign investment. Among them, Busan-Jinhae Free Economic Zone(BJFEZ) covering an area of 104.8 million square meters(25,152 acres) in southwest of Busan will be developed into a modern, international business center to cater to the various needs of the tenant foreign companies. Its strategic location offers great accessibility to major logistical infrastructure, connecting the Zone to neighboring industrial cities such as Ulsan, Changwon, Masan, Sacheon, and Geoje.
Within the Zone, foreign schools, hospitals, and other facilities will be established to support economic activities of foreign residents. In addition, global labor and business practices will be introduced to create an optimal environment for foreign businesses. Lightened foreign exchange regulations will be applied to allow for easier transactions, and administrative services will be available in English.
The Zone consists of five distinct areas to carry out unique yet synergy-creating functions. Tenant businesses can benefit from various incentives and support programs according to the types of business and investment amount.
[Busan-Jinhae Free Economic Zone Development Plan ]
Development Plan
1. New Port Area(11.3㎦/2,712acres)
- The anchor facility : 30-berth Busan New Port and the distribution park in the hinterland.
- Busan New Port : capable of handling approximately 8 million TEUs per year
(to be completed by 2015)
2. Myeongji Area(13.0㎦/3,120acres)
- Myeongji International City : a center of international business, residence, and education
- Target businesses : air logistics, high-tech parts & materials, residential complexes,
intl schools and hospitals.
3. Jisa Area(37.8㎦/9,072acres)
- Home to Busan Science & Industrial Park
- Target businesses : high-tech, R&D, machinery and parts, marine equipment, new materials
4. Dudong Area(21.1㎦/5,064acres)
- A high-tech logistics complex to serve the northern hinterland of Busan New Port
- Target businesses : mechatronics, professional education, R&D
5. Ungdong Area(21.6㎦/5,184acres)
- Multi-functional Maritime Recreation Resort
- Target businesses : golf courses, condominium, marina, medical,
sports & shopping facilities
