Officials from the Busan Port Authority (BPA) were making their first foray into North America when they spoke to business leaders from the shipping, logistics and finance industries at the Waldor Astoria Hotel in New York, and the message they brought was just as fresh. Busan-already Asia's fifth largest port by volume and the second largest city in Korea-is undergoing a surge of new development, and American investors can ride the rising tide by getting in now on the newly created Busan-Jinhae Free Economic Zone (BJFEZ). The impetus behind Busan's growth is the South Korean government's goal of transforming the country from a low-cost manufacturing center to a knowledge-based financial and logistics hub for Northeast Asia. Towards that end, the BPA is backing the construction of new harbor berths capable of handling the largest cargo vessels on earth and a massive new distribution park, among other improvements. Foreign businesses that pour capital into new Busan operations will receive a 100-percent tax break for the first two years they're in business, and 50-percent breaks for the next three years. Bill Woo, director of the BJFEZ, ticked off additional benefits of locating in Busan for attendees before the forum closed-including new international hospitals and schools as well as the harmonious labor relations between management and dockworkers. As far as he was concerned, he said, the BJFEZ is "the rising sun of Northeast Asia." This program was organized by BPA, BJFEZ and the Korea International Trade Association. The Korea Society was one three supporting organizations.

with

Bill Woo
Director, Busan-Jinhae Free Economic Zone (BJFEZ)

Tuesday, June 14, 2005