Busan-Jinhae Free Economic Zone Authority Aims to Become a Northeast Asian Logistics Hub by Fostering 5 Strategic Items

[Financial News]  The Busan-Jinhae Free Economic Zone Authority announced on the 29th that it officially applied for a code change for the 'Busan-Jinhae Free Economic Zone Core Strategic Industries' on the 21st, setting the stage for fostering regional key industries and strategic items.
This change application was promoted with the intention of updating the strategic industry target codes for each free economic zone by the Ministry of Trade, Industry and Energy according to the 11th revision of the Korean Standard Industrial Classification (KSIC).
Accordingly, the authority additionally applied for codes related to the 5 strategic items of the region to foster them in earnest, taking the opportunity of updating the target codes by the Ministry of Trade, Industry and Energy.
As a result, the number of codes expanded from 56 codes of the existing 4 strategic industries to a total of 61 codes. When reflected in the strategic industry code, non-metropolitan free economic zones can receive incentives with a maximum support ratio of 10% for local investment subsidies (facilities).
The existing 4 strategic industries designated by the Ministry of Trade, Industry and Energy in 2021 for the Busan-Jinhae Free Economic Zone are complex logistics transportation, smart transportation devices, advanced materials, parts, and equipment, and bio-healthcare industries.
In response, the authority promoted the 'Complex Logistics Activation Strategic Items Research Service' last year to expand and activate the region's core industry, the complex logistics industry, and derived 5 strategic items: coffee beans (green beans), cold chain parts, robot parts, hydrogen energy, and ship machinery parts.
Meanwhile, the authority plans to strategically create an innovation ecosystem by closely analyzing the current issues and industrial conditions of the jurisdiction on the occasion of this change application. To this end, in June, the 'BJFEZ Innovation Alliance' will be held to discuss policy tasks with experts in strategic industries and strategic items.
Director Park Seong-ho said, "This change application is not just a simple adjustment of strategic industry codes, but a proactive response to advance the regional industrial ecosystem and a starting point for fostering strategic items with global competitiveness," and added, "We will do our best to elevate the Busan-Jinhae Free Economic Zone to a logistics and industrial hub in Northeast Asia through the operation of the Innovation Alliance."

paksunbi@fnnews.com Park Jae-gwan Reporter