Busan City, MJY Partners, and Busan Economic Promotion Agency Sign MOU ... Large-scale Complex Logistics Center Construction in Busan New Materials Industrial Complex

Signing of Memorandum of Understanding for 600 Billion Won Investment

On the 17th at 11 a.m., Busan City will sign a memorandum of understanding (MOU) for a 600 billion KRW investment with MJY Partners Co., Ltd. (hereinafter ‘MJY Partners’) and the Busan Economic Promotion Agency (hereinafter ‘Promotion Agency’) to build a complex logistics center in the Busan New Materials General Industrial Complex at the video conference room on the 7th floor of City Hall.

Aerial view of the complex logistics center within Busan New Materials General Industrial Complex.

At today’s investment agreement ceremony, Mayor Park Hyung-joon, MJY Partners CEO Kim Min-su, and Promotion Agency Director Jin Yang-hyun will attend and sign the agreement in person.

According to this investment agreement, ▲ MJY Partners will contribute to the development of the local economy and the creation of good jobs through the establishment and investment of a logistics center in the Busan New Materials General Industrial Complex, making efforts to prioritize hiring local residents, and ▲ Busan City and the Promotion Agency will provide administrative support for all matters related to permits and approvals for MJY Partners’ investment project implementation.

With today’s signing, MJY Partners will complete the construction of a complex logistics center at room temperature, consisting of five above-ground floors and one underground floor (total floor area approximately 320,000㎡) on about 70,000㎡ of land in the Busan New Materials General Industrial Complex in Gijang-gun, Busan, by 2025. They plan to employ about 3,500 new personnel needed for management, operations, and on-site work at this location. Additionally, through active marketing, they aim to attract large domestic and international logistics companies to this logistics center.

The city expects that this construction will further develop the logistics industry in the Busan area by establishing a logistics hub in the eastern Busan region.

MJY Partners, established in March 2022, is led by CEO Kim Min-su, who has actively promoted various logistics center development projects such as the E-Pyeonhansesang apartment project in blocks 9 and 11 of the Yulha district in Gimhae, a logistics center in Jangnim-dong, Saha-gu, Busan (approximately 99,000㎡), a logistics center in Yeonra-dong, Yeoju-si, Gyeonggi-do (approximately 86,000㎡), as well as development projects including a data center in Busan.

Kim Min-su, CEO of MJY Partners, said, “I would like to express my gratitude to Mayor Park Hyung-joon and all related parties for opening the opportunity to proceed with the logistics center investment project in Busan. We will spare no investment for the citizens of Busan and do our best to generate economic effects through job creation within the region and collaboration with local companies.”

Jin Yang-hyun, Director of the Promotion Agency, said, “In November last year, Busan City and the Promotion Agency designated about 80,000㎡ of the Busan New Materials Industrial Complex as a special business zone (negative zone). The special business zone allows all industries except certain excluded ones to enter a designated area to revitalize the industrial complex. We will continue to strive to create a ‘business-friendly city Busan’ by establishing a foundation for investment attraction and creating customized industrial complexes.”

Mayor Park Hyung-joon said, “The news of new job creation announced along with the large-scale investment plan is a welcome and grateful piece of good news for Busan citizens during difficult times due to worsening external economic conditions. Through this MOU signing, we will spare no administrative support to ensure the successful construction of the logistics center in the Busan New Materials General Industrial Complex.”

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