The Busan-Jinhae Free Economic Zone Authority has joined hands with Korea's leading association of foreign-invested companies to strengthen its investment network and expand the attraction of global foreign-invested firms. Amid intensifying global supply chain restructuring and competition for investment in advanced industries, the strategy aims to accelerate the attraction of foreign capital by leveraging the port and logistics competitiveness of the Busan and South Gyeongsang region.
The Busan-Jinhae Free Economic Zone Authority announced Tuesday that it signed a memorandum of understanding (MOU) with the Foreign Company Association of Korea on Monday at the Grand InterContinental Seoul Parnas to expand investment attraction of foreign-invested companies, and held an investment briefing on the same day.
The Foreign Company Association of Korea (FORCA) is a nonprofit economic organization representing foreign-invested companies in Korea, carrying out policy proposals and networking activities to improve the investment environment and support business activities.
Under the agreement, the two organizations will cooperate in various areas, including identifying companies with investment intentions, sharing investment information, pursuing joint cooperation projects, building global networks, and resolving regional industrial issues.
The Busan-Jinhae Free Economic Zone Authority plans to use this opportunity to strengthen its full-cycle customized support system, spanning from identifying potential investors to executing investments and providing post-investment management. In particular, it plans to focus on attracting global manufacturing and logistics companies by leveraging port logistics infrastructure centered on Busan New Port and Jinhae New Port, along with its competitiveness as a location for future advanced industries.
The investment briefing, attended by some 60 association members and global company officials, featured an introduction to the industrial competitiveness and investment environment of the Busan-Jinhae Free Economic Zone, networking sessions, and special lectures on industry trends.
Notably, major foreign-invested companies participated, including a German automotive and industrial precision components firm, a France-based 3D design and digital transformation solutions company, a global life sciences company, and an energy and refining company affiliated with Saudi Aramco, showing strong interest in the investment conditions of the Busan-Jinhae Free Economic Zone.
"This cooperation will serve as an opportunity to expand our points of contact with global foreign-invested companies and create tangible investment opportunities," said Park Sung-ho, Commissioner of the Busan-Jinhae Free Economic Zone Authority. "We will actively support companies so they can invest with confidence, based on the excellent port and logistics infrastructure and industrial competitiveness of the Busan-Jinhae Free Economic Zone."
