Busan-Jinhae Free Economic Zone Authority Achieves Top Free Economic Zone Status for Four Consecutive Years, Exceeding FDI Targets

Attracting Foreign Investment, Regulatory Innovation, and Business-Friendly Administration
‘Triple Success’ Achieved with Top Honors, Expanding Opportunities by Easing Regulations

The Busan-Jinhae Free Economic Zone Authority (Commissioner Park Seongho) has been awarded the highest grade, "S Grade," in the "2024 National Free Economic Zone Performance Evaluation" organized by the Ministry of Trade, Industry and Energy. This marks the fourth consecutive year that the authority has been recognized as the top free economic zone authority in Korea.

This evaluation comprehensively reviewed all nine free economic zone authorities nationwide, considering factors such as foreign direct investment performance, achievements in attracting strategic industries, efforts to improve the investment environment, and contributions to the regional economy. The authority was recognized for its balanced achievements across all areas, from management to project performance in individual districts, once again demonstrating its top-level competitiveness nationwide.

The authority attracted $275 million in foreign investment, achieving 153% of its annual target of $180 million. This is the fourth consecutive year since 2021 that the authority has exceeded its target. The Ministry of Trade, Industry and Energy evaluated this as "a case that has improved not only quantitative results but also the qualitative level of investment."

The background to these achievements includes regulatory improvements and field-oriented administration. The authority eased the single company lease area restriction (150,000 square meters) within the free trade zone, leading to a new investment of approximately KRW 100 billion by LX Pantos. Additionally, it relaxed the height restriction in the port hinterland from 40 meters to 60 meters, resulting in an additional investment of KRW 48.2 billion by Mitsui-Soko Korea.

The Ministry of Trade, Industry and Energy introduced these two cases as "representative examples where regulatory easing has led to tangible investment results."

The corporate support system has also been strengthened. The authority integrated corporate management cards, which had previously been dispersed across departments, into a unified database, and established a system for collecting business concerns through on-site visits. This served not only as a means of responding to simple complaints, but also as a foundation for increasing policy credibility and actual investment outcomes.

Substantial progress was also made in the operation of strategic industries and districts. The authority established linkage strategies and action plans for four strategic industries: integrated logistics, smart transportation equipment, advanced materials and components, and bio-health. It also proactively addressed risks arising from the cancellation of project operators in the Ungdong and Culture Districts. In addition, efforts in management, such as securing infrastructure through linkage with ministry-funded projects and expanding participation by private experts, were positively evaluated as structural improvements.

Park Seongho, Commissioner of the Busan-Jinhae Free Economic Zone Authority, emphasized, "These achievements are the result of policies built up in the field," adding, "We will do our utmost to ensure that the authority stands at the center as a global logistics and business hub, connecting the new Gadeokdo Airport and Jinhae New Port."

BJFEZ Logistics Tri-port Future Bird's-eye View.

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