Gets highest score in categories of organizational operation, implementation of development project and attraction of investments
A view of the Busan-Jinhae Free Economic Zone Authority building. The Busan-Jinhae Free Economic Zone (BJFEZ) placed 1st overall in the 2017 performance evaluation of the FEZs for the 3rd straight year. (Photos: BJFEZA)
Commissioner Jin Yang-hyun of the Busan-Jinhae Free Economic Zone Authority. (Photo: NewsWorld)
The Busan-Jinhae Free Economic Zone (BJFEZ) ranked 1st overall in the 2017 performance evaluation of seven free economic zones across the nation for the 3rd straight year.
The Economic Free Zone Commission held its 97th session on June 29 and announced the results of the 2017 performance evaluation of seven FEZs across the nation, said the Planning Office of the Free Economic Zones under the umbrella of the Ministry of Trade, Industry and Energy (MOTIE). The BJFEZ placed 1st, followed by first runner-up, Incheon Free Economic Zone (IFEZ) and second runner-up Gwangyang Bay Free Economic Zone (GFEZ).
Every year, the FEZ performance evaluation system, which debuted in 2010, evaluates the previous year¡¯s business performances. The 2017 evaluation was conducted by a committee consisting of 15 members based on overall evaluations, including paper and on-site observation evaluations. Seven FEZs were evaluated in each of five areas - organizational operation, implementation of development projects, attraction of investments, corporate support, and settlement environment.
Looking at the detailed evaluation of five categories, the BJFEZ topped in organizational operation, implementation of development project and attraction of investments, while the IFEZ got the highest score in corporate support and settlement environment.
The BJFEZ has been credited with helping the Myeongji District rise to an international business center by aggressively attracting such major facilities as office buildings, a foreign university, and a research institute.
An MOU with Lancaster University has been signed to build a global campus in the Myeongji Area. The BJFEZ is working on a project to build a footwear R&D center of Decente Korea at the Myeongji District.
The American investment Site Selection Magazine selected the BJFEZ as one of Asia¡¯s excellent free economic zones. A survey of about 4,000 FEZs around the world, conducted last October, showed that the BJFEZ made it on the list of 12 top FEZs along with Shanghai FEZ.
BJFEZ Commissioner Jin Yang-hyun said, ¡°We¡¯ll not rest on the outcomes of the latest evaluation and devote itself to developing the BJFEZ into a world-class integrated logistics hub by accelerating development and attracting of investments.¡±
The BJFEZ will be made as a forward operation base to revitalize logistics with Najin and Seonbong of North Korea, three eastern provinces of China, and Primoskii and Vladivostok of Russia, he added.
According to the outcomes of the latest evaluation, the BJFEZ will receive 741 million won in support from state coffers.
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