Busan MOMAF buys back building site for Gamcheon Port

On May 12, Busan Regional Maritime Affairs & Fisheries (Busan MOMAF) contracted with Pusan 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 Pusan in its efforts to attract global logistics companies.
The site belonged to Busan MOMAF and Pusan city will be paid over 3 years. Busan MOMAF and Pusan 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 Pusan port's competencies and create jobs while still adding value to the entire package."