Busan City and JME Korea Sign MOU to Build 52 Billion KRW Logistics Center in Jisa Global Industrial Complex... Completion in 2026, Employing 1,600 People

Aerial view of Jisa Global General Industrial Complex and location map of the logistics center.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Busan City is signing an MOU for the construction of a logistics center worth 500 billion KRW with Jimei Korea, the Korean subsidiary of Hong Kong’s Jimei Group.

Busan City announced that on the 22nd at 2 p.m., it will sign a memorandum of understanding for an investment worth 520 billion KRW with Jimei Korea LLC for the construction of a logistics center in the Jisa Global General Industrial Complex at City Hall.

The investment agreement ceremony will be attended by Park Hyung-jun, Mayor of Busan; Kwon Hyuk-jin, CEO of Jimei Korea; Park Jin-sung, CEO of Jisa Global Development; and Ha Seok-ju, CEO of Lotte Construction, among others.

According to the memorandum of understanding, Jimei Korea will contribute to job creation through the establishment of a new business site and investment in the Jisa Global General Industrial Complex and will make efforts to prioritize hiring local residents.

In addition, it will pursue the development of related local industries by locally sourcing raw materials and involving local companies as partners.

Busan City will actively support various necessary matters for Jimei Korea’s successful settlement and investment in Busan.

Jimei Korea plans to build a logistics center for ambient and cold storage with five above-ground floors and two underground floors (total floor area approximately 390,910㎡) on about 71,810㎡ of land in the Jisa Global General Industrial Complex in Gangseo-gu, Busan, together with Lotte Construction by 2026.

It also plans to hire about 1,600 new employees for management, operations, and on-site work at this location.

Jimei Korea, established in March 2015 as an investment corporation, is currently developing various logistics center projects including the Jakchon Logistics Center (41,000㎡) and Jangpyeong Logistics Center (128,000㎡) in Icheon, Gyeonggi Province.

In February this year, it actively promoted development projects such as acquiring Lotte Mart Siheung Baegot Branch in a consortium with Lotte Construction, and in April, acquiring Homeplus stores in Busan Centum City, Yeongdeungpo, Geumcheon, and Dong Suwon.

Jisa Global Development, which participated in the agreement ceremony, is the representative implementing corporation of the Jisa Global General Industrial Complex development project scheduled for completion in the first half of 2023. Together with GS Construction, it is developing an industrial complex of about 417,133㎡ in the Jisa-dong area of Gangseo-gu.

In April, after completing the management disposition plan, it is currently recruiting tenant companies through a public announcement, and sales contracts are proceeding smoothly.

Park Hyung-jun, Mayor of Busan, said, “The news of new job creation announced along with the large-scale investment plan is a welcome relief to Busan citizens during difficult times due to worsening external economic conditions,” and added, “We will spare no administrative support for the successful construction of the logistics center in the Jisa Global General Industrial Complex.”

Kwon Hyuk-jin, CEO of Jimei Korea, said, “I would like to express my gratitude to Mayor Park Hyung-jun of Busan and related parties for opening the opportunity to proceed with the logistics center investment project in Busan,” and added, “We will do our best to generate economic effects through investment for Busan citizens, job creation within the region, and cooperation with local companies.”

Recently, Busan City completed the overhaul of the ‘Busan Industrial Land Management System,’ a database system related to industrial complexes, to create a business-friendly investment environment.

Since August last year, it has also newly launched the ‘Busan Industrial Complex Support System,’ which contains information on industrial complexes and tenant companies, providing various information on 36 industrial complexes (41.8 million㎡, about 7,000 companies) in the Busan area, and is making efforts to attract companies and invest in startups.

This content was produced with the assistance of AI translation services.