Busan City Announces 600 Billion KRW Investment for New Logistics Center

The City of Busan announced today that it will sign a Memorandum of Understanding (MOU) with MJY Partners Co., Ltd. and Busan Economic Promotion Agency for a 600 billion KRW investment to construct a comprehensive logistics center in Busan New Material General Industrial Complex. The signing ceremony will be held at 11 a.m. in the video conference room on the 7th floor of the City Hall, with Mayor Park Heong-joon and Jin Yang-hyun, the 5th President of the Promotion Agency, in attendance.

According to the investment agreement, MJY Partners will contribute to regional economic development and job creation by establishing and investing in a logistics center in the Busan New Material General Industrial Complex. They will prioritize hiring local residents while Busan City and the Promotion Agency will provide administrative support for investment projects, including permits and approvals.

Upon the signing of the agreement, MJY Partners plans to complete the construction of a five-story above-ground and one-story underground logistics center (approx. 320,000㎡) on a 70,000㎡ site in the Busan New Material General Industrial Complex by 2025. They aim to employ around 3,500 new staff members for management, operations, and on-site work and to attract domestic and international logistics companies through aggressive marketing efforts.

The city expects the establishment of a logistics hub in the eastern part of Busan to further enhance the region's logistics industry. MJY Partners, established in March 2022, is known for actively pursuing various logistics center development projects and data center projects.

The CEO of MJY Partners expressed his gratitude to Mayor Park and other stakeholders for the opportunity to invest in the logistics center in Busan. He pledged to do his utmost to create economic benefits through job creation and collaboration with local businesses. President of the Busan Economic Promotion Agency, stated that Busan City and the Promotion Agency will continue to create an attractive environment for businesses in Busan through investment and customized industrial complex development.

Mayor Park expressed his gratitude and welcomed the news of the large-scale investment plan and the promise of new job opportunities for the citizens of Busan, especially during these challenging times due to worsening external economic conditions. He emphasized that the city will spare no administrative support for the successful establishment of the logistics center in the Busan New Material General Industrial Complex.