SEOUL, Jan. 19 (Xinhua) -- South Korea's Busan-Jinhae Free Economic Zone (FEZ) lured a combined 5.1 billion U.S. dollars in foreign direct investments and joint investments by South Korean and foreign firms since its launch in 2004, the local newspaper the Korea Herald reported Monday.
According to the Busan-Jinhae FEZ Authority, of the total investments, 4.3 billion U.S. dollars are being spent on 30 projects, while preliminary agreements have been made on investments for 15 projects worth 750 million U.S. dollars.
By sectors, 1.3 billion U.S. dollars in foreign investment is allocated for the high-tech industry, while 2.5 billion U.S. dollars will be invested to construct new harbors, the authority said.
A total of 610 million U.S. dollars will be invested to tourism and leisure projects, while 40 million U.S. dollars will be spent on an education project, it said.
The authority said it plans to step up its efforts to attract foreign investments to its projects and also create an industrial complex to attract Japanese manufacturers of parts and materials.
The Busan-Jinhae FEZ was launched in 2004 by the former Roh Moo-hyun administration to attract foreign investors by offering diverse incentives such as tax breaks.
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