Busan-Jinhae Free Economic Zone Authority Signs MOU with ITCCK
Four MOUs Inked at Korea-Italy Business Forum 2025
Aiming to Boost Italian Investment and Local Industry Competitiveness
The Busanjinhae Free Economic Zone Authority (Director Seongho Park) is joining forces with Italy to activate an investment cooperation network.
On September 5, the Authority announced that it had signed a memorandum of understanding (MOU) for mutual cooperation with the Italian Chamber of Commerce in Korea (ITCCK, President Andrea Veracci) at Lotte Hotel Seoul.
This agreement was one of the main programs of the "Korea-Italy Business Forum 2025," hosted by the Embassy of Italy in Korea and the Italian Trade Agency. During the event, a total of four MOUs were signed, including the agreement between the Authority and ITCCK, with participation from Daewoo Engineering & Construction, the Export-Import Bank of Korea, and the Korea Association of Robot Industry.
The ITCCK was established in May 2008 and officially recognized by the Italian government in 2013. It serves as an intermediary to promote business, cultural, and investment exchanges between companies and institutions of both countries. Currently, it is strengthening its network with over 200 companies and is focusing on enhancing its business activities in consulting and networking to foster trade opportunities for both Korean and Italian companies.
Through this agreement, the two organizations pledged to support the entry of Italian companies into Busan and Gyeongnam, assist Korean companies in expanding into the European market, hold exchange events between companies of both countries, and share information related to investment and industry.
The Authority plans to use this agreement as an opportunity to create new business opportunities by linking the logistics infrastructure of the Busan New Port hinterland with the advanced technology and industrial strengths of Italian companies. This is also expected to have a positive impact on strengthening the competitiveness of local industries and creating jobs.
The Authority is working to establish overseas investment networks in Europe, the Middle East, China, and other regions. It has recently achieved tangible results in attracting foreign investment. In the first half of 2025, foreign direct investment (FDI) totaled 353.6 million dollars, with actual arrivals amounting to 362.7 million dollars.
This represents an increase of about 67% compared to the same period last year, achieving 196% of the annual target of 180 million dollars for 2025. This is particularly significant given the ongoing uncertainties in the global investment environment, such as the strengthening of protectionist policies in the United States and the prolonged period of high interest rates.
Director Seongho Park emphasized, "Cooperation with Italy will not be limited to attracting investment, but will lead to tangible results that can be felt by local industries and citizens. We will expand cooperation with global companies to develop the Busanjinhae Free Economic Zone into a leading economic hub in Northeast Asia."
Park Seongho, Director of Busanjinhae Free Economic Zone Authority (second from left), and Andrea Berazzi, President of the Italian Chamber of Commerce in Korea (third from left), are showing the memorandum of understanding for mutual cooperation.
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