BJFEZ Overview > What is the FEZ
 

Background | Progress | BJFEZ's Vision and Missions | Why Choose the BJFEZ

 
Background  
 
  Because of the globalization of the world¡¯s economy, there is an urgent need to build a business hub to host international industries, superb educational facilities and first-class residential complexes. By appointing the Busan-Jinhae area as a free economic zone, we will develop the designated land to fit all those demands.
We plan to develop the New Port area into a key point for marine logistics and to create an environment ideal for business, leisure and living needs.


International Environment
  The presence of major economic blocs (such as the EU, ASEAN, NAFTA, FTA), the extension multinational enterprises, and severe competition among regions/cities.
  An exploding Chinese economy which is beginning to serve as a model for other developing nations.

Domestic Factors
  A stagnated national income of $10,000 per head post-1995 resulted in the "Nut Cracker phenomenon," thus limiting Korea's progress toward becoming an advanced country as figures regressed from the black to the red zone in international trading.
  The key position for new industry because of weakened the international competitive power, emptied manufacture industry, and increased power.

Factors in raising the competitive edge of major countries
  China has opened the door by constructing several special economic zones such as Shenzhen, Zhuhai, Shantou, and Amoy in 1979, Shanghai in 1984, Pudong in 1991, and Hong Kong in 1997.
    ¡Ø Pudong is a good example of Chinese Industrialization. With a population of 1.5 million, it was able to successfully gather foreign capital.
  Singapore introduced "Industry 21" in 1998 as a way for achieving global hub of knowledge-based industry.
  In 2002, Taiwan made plans for developing two major industries (digital contents + ultramodern technology) at the cost of 2 trillion Yuan in 2002 and has designed a strategy for attracting the headquarters of 200 multinational enterprises by the year 2011.
  Japan has promoted the establishment of a special economic zone since 2002.