By Kim Jae-won
The Busan-Jinhae Free Economic Zone Authority (BJFEZ) signed a memorandum of understanding (MOU) with the Busan Port Authority (BPA) last week to collaborate in investor relations and marketing areas to attract more investment to the southeastern port city, the BJFEZ said Friday.
The two agreed to share their skills and knowhow by jointly developing a business model for international logistics, making promotional items and tackling the grievances of local businesses.
The two agencies hope that the project will attract top class logistics companies to the high quality port whose layout provides better services for logistics systems.
The BJFEZ authority and the BPA expect that two major free trade agreements (FTAs) with the U.S. and the European Union will attract more foreign investors. Companies from the two big economies plan to set up logistics centers in the nation’s biggest port city.
Japanese corporations are also expected to take advantage of the FTAs to expand their presence in U.S. and European markets by increasing foreign direct investment in Busan.
BJFEZ authority Commissioner Ha Myeng-keun said that the two agencies would further collaborate to make the port one of the world’s outstanding business logistics centers.