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Busan-Jinhae Free Economic Zone Selected as Best Free Economic Zone in Asia

Busan-Jinhae Free Economic Zone
Jin Yang-hyun, commissioner of the Busan-Jinhae Free Economic Zone (BJFEZ) shows the “Top Free Zones Award.”

The Busan-Jinhae Free Economic Zone (BJFEZ) has been awarded the “Top Free Zones Award” for 2017 and named one of the top free economic zones in Asia by Site Selection, an U.S.-based economic development trade magazine.

Site Selection said it has chosen top free economic zones by continent based on a confidential survey of 1,000 site consultants and executives involved in global supply-chain operations. Survey respondents voted on 4,000 Special Economic Zones based on proven track record of success with investors, ease-of-access to necessary information and assistance to current and prospective investors. The Special Economic Zones include free economic zones, free trade zones, foreign trade zones and special economic zones around the world.

Site Selection, which selected two top economic zones by xix continents such as the United States, Europe and Asia, named the BJFEZ and the Shanghai Pilot Free Trade Zone in Asia. An official from Site Selection said that it chose the BJFEZ because it has an expanded logistics infrastructure including ports and airports, connectivity with neighboring countries, excellent investment environment in where major shipbuilding, machinery and automobile companies are located and great investor support and incentive programs.

Site Selection chose top special economic zones by region this year for the first time and its Top Free Zones Award is expected to play a role as a barometer for major investors to select an investment in the future.

The results of the award was published in the November edition of Site Selection and you can also check them on its official website (http://siteselection.com).

Jin Yang-hyun, commissioner of the BJFEZ, said, “We are delighted that our vision and efforts to become the world’s best logistics and business hub are recognized at home and abroad. We will make greater efforts to activate the logistics tri-port function, which links ports, airports and railroads, in the future.”

The Original Posted by Lee Song-hoon/Business Korea