Five Consecutive Years of Steady Growth... Busan-Jinhae Free Economic Zone Announces 2024 Business Survey Results

Number of Resident Companies Up 7.8%, Marking Five Consecutive Years of Growth
Bulk Cargo Surges 125.7%, Imports Up 29.2%

The Busan-Jinhae Free Economic Zone Authority (Commissioner Park Sungho) has continued to see an increase in the number of resident companies within its jurisdiction, further solidifying its position as a global logistics hub, according to recent findings.

On January 22, the Busan-Jinhae Free Economic Zone Authority announced the results of the “2024 BJFEZ Business Survey,” led by the Ministry of Trade, Industry and Energy.

This survey was conducted over a seven-month period from June to December of last year, targeting businesses with five or more employees (or one or more for foreign-invested companies) located in the Busan-Jinhae Free Economic Zone. It examined 56 items, including general business status, employment, and sales revenue.

According to the results, as of 2024, there are 2,442 companies operating in the Busan-Jinhae Free Economic Zone, a 7.8% increase from 2,266 companies the previous year. The number of resident companies has grown for five consecutive years. Investment also rose by 10.2% to 710.8 billion won, up from 645.3 billion won the previous year.

Import volume reached 2.0749 trillion won, a 29.2% increase from 1.6063 trillion won the previous year. Container cargo volume was 10,841,000 TEU, up 12.4% from 9,642,000 TEU the previous year. Bulk cargo volume surged by 125.7% to 6,169,000 RT, compared to 2,733,000 RT the previous year.

The number of employees increased by 0.8% to 63,144, up from 62,645 the previous year. Sales revenue and export volume were recorded at 36.9185 trillion won and 5.4627 trillion won, respectively, showing slight increases from the previous year’s 36.8862 trillion won and 5.4259 trillion won. The Authority attributes these results to a combination of economic uncertainty, domestic market stagnation, and the process of new resident companies strengthening their business foundations.

Meanwhile, some companies, especially among small and medium-sized enterprises, showed remarkable growth. Daewoong City Co., Ltd., a specialist in ultra-low temperature storage tanks, saw its sales revenue rise by 44% from 32.58 billion won to 46.92 billion won, while exports increased from 8.84 billion won to 12.73 billion won during the same period.

Shin Steel Co., Ltd., a steel processing company, recorded a 30.7% increase in sales revenue, from 111.44 billion won to 145.61 billion won, and a 36.4% increase in exports, from 100.35 billion won to 136.86 billion won. Donghwa Newtech Co., Ltd., specializing in compressors and heat exchangers, saw sales revenue grow by 29.5% from 71.1 billion won to 92.1 billion won, and exports expand from 36.92 billion won to 47.82 billion won.

Commissioner Park Sungho stated, "Despite the global economic downturn and external uncertainties, key indicators such as the number of resident companies, investment, and cargo volume have all increased evenly. Moving forward, we will continue to advance logistics and manufacturing infrastructure and strengthen export competitiveness, aiming to create quality jobs and contribute to national economic growth as the Busan-Jinhae Free Economic Zone."