BUSAN NEW PORT DISTRIPARK, LOGISTICS PROJECT

With the aim of "The global hub for international business & logistics," the Busan-Jinhae Free Economic Zone(BJFEZ) is making significant strides towards becoming a central player in Northeast Asia. This ambitious endeavor involves the development of port logistics complexes, high-tech industrial parks, a new international business city, foreign educational and medical institutions, as well as tourism and leisure complexes.   The BJFEZ spans parts of Busan, Jinhae in Changwon, covering a total area of 51㎢. It stands as Korea's premier logistics hub, boasting seamless infrastructure that encompasses Busan New Port and Jinhae New Port(26 berths in operation and 60 berths by 2040), Gimhae International Airport, and Gadeok International Airport scheduled to open in 2029. Additionally, the Zone features cargo railway networks and well-connected expressways.   Remarkably, around 90% of shipbuilding and offshore parts and materials companies, 50% of automobile parts companies, and 40% of machine and mechatronics companies are strategically situated within the BJFEZ area.   Currently, BJFEZ hosts a total of 1,893 companies, including 168 foreign-invested enterprises. Collectively, these companies generated approximately 20 billion USD in total annual sales as of 2022.   For foreign companies, BJFEZ presents an exceptional opportunity to thrive in Korea through the d