Park Sungho: “Tailored Support for Settlement and Reinvestment of Foreign-Invested Companies”
The Busanjin-Hae Economic Free Zone has achieved a major success in attracting investment.
The Busanjin-Hae Economic Free Zone Authority (headed by Park Sungho) announced on July 15 that it had attracted a total of $353.6 million in foreign direct investment (FDI) in the first half of this year. On an arrival basis, the figure reached $362.7 million.
This represents a 167% increase compared to the same period last year, and the Authority has already surpassed its annual target of $180 million by 196% in just the first half of the year. This achievement is particularly noteworthy given the ongoing global uncertainties, such as conflicts in the Middle East, the strengthening of U.S. protectionism, and the prolonged period of high interest rates.
The Authority explained that these results are the outcome of industrial structure advancement and strategic investment attraction policies that have been actively pursued since Park Sungho took office. The Authority analyzed that it has moved away from a simple manufacturing-centered model and has been transitioning to a high value-added, complex model that combines advanced technology, smart logistics, and global R&D functions.
In fact, most of the investments attracted in the first half of the year were in the form of complex investments based on advanced industries, which are expected to have positive ripple effects throughout the residential infrastructure and industrial ecosystem. The Authority plans to continue aggressive IR activities targeting key regions such as Europe, the Middle East, Greater China, and Southeast Asia, and aims to establish a stable investment ecosystem through customized attraction strategies and systematic post-investment management for companies.
Park Sungho, head of the Authority, emphasized, "This achievement goes beyond mere numbers and is a symbolic result that demonstrates the Busanjin-Hae Economic Free Zone is establishing itself as a strategic hub for global advanced industries. In the second half of the year, we will continue to focus on supporting corporate settlement, encouraging reinvestment, and improving the residential environment."
The Authority plans to expand its foreign investment attraction efforts into a strategic model linked to various policy goals, such as regional connectivity, the creation of high-quality jobs, and the improvement of residential and living infrastructure.
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