BUSAN — The Busan-Jinhae Free Economic Zone Authority is stepping up efforts to draw investment from Southeast Asia and expand its network of global companies through a partnership with Vietnam's largest industrial park developer and operator.
The authority said on the 12th that it signed a memorandum of understanding at the headquarters of Vietnam Singapore Industrial Park (VSIP) to strengthen cooperation on industrial park development and investment promotion.
Park Sung-ho, commissioner of the authority, and Nguyen Phu Thinh, VSIP's chief executive, attended the signing along with other senior officials from both organizations. They discussed a broad range of joint measures covering investment promotion and support for resident companies.
VSIP was established in 1996 on the basis of economic cooperation between the Vietnamese and Singaporean governments and ranks as Vietnam's premier industrial park developer and operator. It currently runs 30 projects across Vietnam and has attracted about 1,000 global companies from 30 countries.
An official at the authority said the agreement is aimed at linking the leading global manufacturers based in VSIP parks with the advanced logistics and industrial infrastructure centered on Busan New Port, building a practical bridge between Korea and Vietnam.
The two organizations agreed to flesh out cooperation in several areas, including sharing know-how on industrial park development and operation, exchanging investment information and networks, identifying and connecting potential investors, and supporting resident companies in their local operations.
Using the partnership as a springboard, the authority plans to actively promote the free economic zone's investment environment to Korean companies operating in Vietnam as well as global manufacturers. Its strategy is to identify early and attract firms weighing a return to Korea or the establishment of new production bases in the country.
The authority also plans to highlight Busan New Port's world-class port and logistics infrastructure and the competitiveness of its industrial parks to companies based in VSIP parks, broadening the scope of trade and investment.
"VSIP is a key institution that has led Vietnam's growth by drawing large-scale investment from global companies," Park said. "By closely sharing the experience the two organizations have built up in industrial park development and investment promotion, and by continuing to exchange corporate and investment information, we will create new business opportunities linking the two countries."