The Busan-Jinhae Free Economic Zone Authority (hereinafter BJFEZ) has embarked on a quest for future strategies to emerge as a logistics hub in Northeast Asia. Recently, a BJFEZ delegation visited Singapore to concretize the 'BJFEZ 2040 Development Plan' and find practical solutions for restructuring its four key strategic industries, expressing a strong commitment to bridging the gap with major Asian logistics nations and securing global competitiveness.
This visit to Singapore was a desperate attempt to overcome the challenges faced by the Busan-Jinhae Free Economic Zone and secure new growth engines. In particular, the re-establishment of logistics competitiveness utilizing Northeast Asia's tri-port infrastructure, including Gadeokdo New Airport and Jinhae New Port, is a core pillar of the 'BJFEZ 2040 Vision,' and this visit to Singapore is evaluated to have significantly enhanced its feasibility. With the completion of Jinhae New Port in 2040, Busan Port will have a total berthing capacity of 60 berths and is expected to become the undisputed center of the logistics tri-port, connecting Gimhae International Airport, Gadeokdo New Airport (scheduled to open in 2029), and the New Port hinterland railway.
As their first official engagement, the BJFEZ delegation visited the Port of Singapore, Busan Port's biggest competitor, and directly inspected the smart terminals and eco-friendly logistics systems of PSA (Port of Singapore Authority), the world's leading port operator. PSA, a strategic partner of BJFEZ that also operates a terminal in Busan New Port, stated through Terence Lee Kim Puay, CFO of PSA Northeast Asia Region, that he would visit the Busan-Jinhae Free Economic Zone soon to strengthen the partnership. This is interpreted as a positive sign for fostering the integrated logistics industry in the Busan-Jinhae Free Economic Zone.
Next, the delegation visited the Hyundai Motor Group Innovation Center Singapore (HMGICS) and directly experienced its nature as an R&D space for future mobility realization and a smart urban mobility hub. HMGICS is equipped with an autonomous driving-based smart logistics system and a customer-tailored production system, moving beyond the conveyor belt structure to establish a flexible multi-model, small-batch production system based on 'cells.' The inspection of HMGICS, which has an annual electric vehicle production capacity of over 30,000 units, served as an opportunity to reconfirm the importance of BJFEZ's policies to attract smart transport equipment and integrated logistics industries.
Cooperation was also expanded in the bio-industry sector. The delegation inspected Prestige BioPharma's headquarters and research institute and agreed to strengthen cooperation with Prestige BioPharma IDC (Innovation Drug Research Institute) in the Myeongji District of the Busan-Jinhae Free Economic Zone. Prestige BioPharma IDC, which opened in the Myeongji District in November 2024, is poised to become a global antibody new drug development company, completing a value chain system from antibody bio-drug development to clinical trials, commercialization, and production.
Furthermore, discussions were held with the global financial institution UOB (United Overseas Bank) on establishing a financial support system for Southeast Asian companies entering BJFEZ, and with Enterprise Singapore on cooperation measures to attract renewable energy companies. Strategic networking with the KOTRA (Korea Trade-Investment Promotion Agency) trade office is also planned to enhance field-oriented investment attraction activities.
Park Sung-ho, Commissioner of the Busan-Jinhae Free Economic Zone Authority, stated, "At a crucial time when Busan Port and the Busan-Jinhae Free Economic Zone need to redefine their competitiveness as a Northeast Asian logistics hub, this visit to Singapore served as an opportunity to inject realistic momentum into the realization of the BJFEZ 2040 Vision." He further expressed his commitment to strengthening global cooperation in the four strategic industry sectors, including integrated logistics, smart transport equipment, advanced materials/parts/equipment, and bio-healthcare, stating, "Now that the direction of change is clear, we will strive for practical implementation aligned with that change." This visit by BJFEZ to Singapore is expected to be a significant turning point for future industrial restructuring and regional economic revitalization.
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