'500-Year Free Economic Zone' Joseon Port Site Becomes Korea's Future Growth Engine

Park Seongho, Head of BJFEZ, Launches First On-Site Administration of the New Year
Visits Jedukman, Bobae Complex District, and Busan Triport District

The Busanjinhae Free Economic Zone Authority (BJFEZ) set the direction for its future operations by visiting major development sites as its first official schedule of the new year.

On January 6, the BJFEZ Authority announced that it had visited Jedukman, the area around the former Jepowaegwan, as well as the Bobae Complex District and the Triport Global Integrated Logistics District in succession.

This visit was organized to check the progress of key development projects and to share the medium- to long-term development plans for the free economic zone.

The Jedukman area is where Jepowaegwan, which opened in 1407 during the seventh year of King Taejong of the Joseon Dynasty, was located. It was one of the three ports where trade between Joseon and Japan took place. Recently, the historical value of the site has been highlighted again after the remains of Jepowaegwan were discovered during the construction of the access road to the Ungdong District.

Building on this historical background, the BJFEZ Authority has been developing a free economic zone encompassing both Busan and Gyeongnam. The Busanjinhae Free Economic Zone has received the highest 'S' grade in the national free economic zone evaluation for four consecutive years and attracted approximately 400 million dollars in foreign direct investment in 2025 alone.

At the site, Park Seongho, head of the BJFEZ Authority, also reviewed the core development projects currently underway. The Bobae Complex District is being developed as an industrial hub that integrates manufacturing, logistics, and research functions, and recently received approval for changes to its development plan from the Ministry of Trade, Industry and Energy.

The Triport Global Integrated Logistics District is envisioned as a logistics hub connecting ports, airports, and railways. The BJFEZ Authority plans to promote the designation of this area as an expanded free economic zone in the medium to long term.

In addition, with large-scale infrastructure projects such as the opening of the new Gadeok Airport and the development of the new Jinhae Port underway, the logistics and industrial functions of the Busan-Jinhae region are also expected to be strengthened.

Park Seongho emphasized, "We will ensure the smooth implementation of development projects so that the Busanjinhae Free Economic Zone can serve as a national strategic hub equipped with both industrial and logistics functions."

The site of Jepowaegwan is located in the Jedukman area. (Photo above) On the 6th, Park Seongho, Commissioner of the Busanjinhae Free Economic Zone Authority, is visiting the major development sites of BJFEZ. (Photo below)