Opening the Door to Mainland Investment: Busanjin-Hae Economic Free Zone Authority and ICBC Busan Branch Join Hands

Published 28 Nov.2025 17:22(KST)

The Busanjin-Hae Economic Free Zone Authority (Director Seongho Park) has signed an MOU with the Busan branch of the Industrial and Commercial Bank of China (ICBC), a financial giant in China, to strengthen cooperation for investment attraction.

Seongho Park, Director of Busanjin-Hae Economic Free Zone Authority (right), is signing a business agreement to strengthen investment attraction cooperation with Sobin Won, Director of the Busan Branch of Industrial and Commercial Bank of China, on the 28th. Provided by Busanjin-Hae Economic Free Zone Authority

This agreement is an extension of the Authority’s ongoing strategy to expand its investment attraction network in China. It is expected to enhance the accessibility of Chinese companies to invest in Korea and further strengthen the foundation for attracting foreign investment to the Busan and Gyeongnam regions.

The Industrial and Commercial Bank of China is a leading global bank in terms of assets, net profit, and global network, operating overseas branches in more than 40 countries and maintaining branches in both Seoul and Busan in Korea.

In particular, the Industrial and Commercial Bank of China, which possesses strong competitiveness in corporate finance, trade finance, and foreign exchange transactions, serves as a bridge, supporting both the entry of Chinese companies into Korea and the entry of Korean companies into China.

▲ Systematizing Investment Attraction Activities for Chinese Companies... Establishing a Practical Cooperation Model

Through this agreement, the two organizations will establish a practical cooperation model to systematize investment attraction activities and financial support for Chinese companies.

First, by utilizing the Industrial and Commercial Bank of China’s network of Chinese companies, the two parties plan to jointly organize investment briefings, seminars, and roadshows for strategic industries within the Busanjin-Hae Economic Free Zone, such as advanced manufacturing, logistics, eco-friendly energy, and marine plants.

Through these efforts, it is expected that the investment appeal of the Busan and Gyeongnam regions will be effectively communicated to major Chinese corporate and institutional investors, thereby lowering entry barriers for potential investors seeking to enter the Korean market.

In addition, the two organizations will jointly establish a financial support system for the initial investment stages of Chinese companies. The Busan branch of the Industrial and Commercial Bank of China will provide customized financial services such as trade finance, funding, and foreign exchange risk management to companies wishing to establish operations in the Busanjin-Hae Economic Free Zone, while the Authority will offer one-stop support for site selection, incentives, administrative support, and corporate establishment procedures, thereby providing comprehensive assistance throughout the investment process.

▲ Strengthening the Foundation for Sustainable Win-Win Cooperation... Enhancing Global Competitiveness

Following the agreement, the two parties will jointly review the outcomes of investment attraction and financial support at least once a year through a regular consultative body, and will establish a continuous management system for feedback, improvement, and monitoring, aiming to develop into a sustainable win-win partnership rather than a symbolic agreement.

The Authority has steadily expanded its network with economic organizations and industrial complexes in major Chinese cities to broaden its investment attraction base. This agreement with the Busan branch of the Industrial and Commercial Bank of China is regarded as a crucial link in completing a systematic investment attraction ecosystem that connects the strengthening of local networks in China, customized financial support, and the establishment of companies in the Busanjin-Hae Economic Free Zone.

Seongho Park, Director of the Busanjin-Hae Economic Free Zone Authority, stated, "The Industrial and Commercial Bank of China is a core financial institution supporting the entry of Chinese companies into the Busan and Gyeongnam regions. Through this business agreement, more concrete and practical investment attraction activities will be possible. We will strengthen our ties with the Chinese market to enhance the region’s global competitiveness."

Sobin Won, Branch Manager of the Industrial and Commercial Bank of China Busan Branch, also commented, "The Busanjin-Hae Economic Free Zone has great growth potential as a key hub for logistics and advanced industries in Asia. The cooperation between our two organizations will not only help attract foreign investment from Chinese companies but also greatly contribute to expanding mutual entry between Korean and Chinese companies."