The Busan-Jinhae Free Economic Zone Authority (BJFEZ) is stepping up its investment attraction capabilities through an organizational restructuring and a large-scale supplementary budget. The agency has reorganized its functions in response to shifts in the global industrial environment, pivoting to an "offensive strategy" aimed at generating tangible investment.
According to the BJFEZ on Tuesday, the agency has finalized a restructuring plan that expands its existing structure of two headquarters, four divisions, and 12 teams into two headquarters, one office, four divisions, and 14 teams. Its staffing has also been increased from 104 to 110. At the core of the reorganization is the creation of an "Innovation Growth Division" and an "Investment Attraction Planning Team." By separating and reinforcing the functions of strategic industry policy and investment attraction planning, the authority aims to accelerate its response to emerging industries.
The corporate support system has also been revamped. A new "Civil Affairs Support Division" has been established to build a one-stop service system that handles factory construction, building permits, and land and environmental affairs in an integrated manner. The move is intended to lower administrative hurdles from the point of investment through the stage of business settlement.
Alongside the restructuring, the authority has finalized a first supplementary budget of 46.1 billion won ($32 million). The funds will be concentrated on attracting global investment and generating field-based results. The authority has placed its emphasis on an "execution-oriented investment strategy" that goes beyond mere promotion to directly recruit foreign investors and convert them into contracts.
A key initiative is the "BJFEZ Core Strategic Industries Global Forum." Through the forum, the authority plans to expand direct exchanges with global companies and institutions in emerging sectors such as smart transportation equipment and bio-healthcare, building cooperation networks.
The authority will also expand the budget for its "Investment Promotion FAM Tour," which aims to accelerate investment decisions by enhancing on-site experience. The program invites potential investors to directly experience major project sites such as the Bobae complex district and the southern hinterland.
"This organizational restructuring and supplementary budget form the foundation for elevating the free economic zone into a hub for advanced industries and global logistics," BJFEZ Commissioner Park Sung-ho said. "Through the fostering of strategic industries and active investment attraction, we will drive regional economic revitalization and job creation."
