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Busan MOMAF buys back building site
 Writer    °ü¸®ÀÚ  Date     2004-05-24  Visits    1160
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* Busan MOMAF buys back building site for Gamcheon Port *

On May 12, Busan Regional Maritime Affairs & Fisheries (Busan MOMAF) contracted with Busan city to purchase the site for Gamcheon port, which is currently owned by the Korea Land Corporation.
The Gamcheon site will be a free trade zone with a law ratifying it last March 3.
Companies in the zone will receive advantages like VAT reductions, corporate tax relief and low lease tariffs. The tax benefits are favorable for Busan in its efforts to attract global logistics companies.
The site belonged to Busan MOMAF and Busan city will be paid over 3 years. Busan MOMAF and Busan city will search for companies to occupy the space after the plan is stabilized.They plan to conclude the contract on May 31.
An insider at Busan MOMAF said, "Through this contract, we can attract global logistic companies, strengthening Busan port's competencies and create jobs while still adding value to the entire package."
 

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