BJFEZ 2 Trillion Won Development Project... Expanding Participation of Local Construction Companies

Meeting Held Between the Authority, Construction Firms, and Local Governments


"Discussing Win-Win Cooperation through Expanded Joint Contracts and Subcontracting"

Discussions have begun in earnest to expand participation of local construction companies in the 2 trillion won-scale development project currently being promoted at the Busanjin-Hae Economic Free Zone (BJFEZ).

On July 21st, the Busanjin-Hae Economic Free Zone Authority held the "BJFEZ Local Construction Companies Revitalization Meeting" in the main conference room of its office, where participants discussed ways to invigorate construction industries in Gyeongnam and Busan and to expand joint contract and subcontracting opportunities.

The event was attended by primary contractors such as Hyundai Engineering & Construction, DL E&C, DL Construction, Daebang Construction, Hanshin Engineering & Construction, HJ Heavy Industries & Construction, and Booyoung Housing, as well as development project operators, officials from Gyeongnam Province and Busan City, and representatives from the Construction Association of Korea.

Busanjin-Hae Economic Free Zone Authority.

Participants shared updates on the progress of the BJFEZ development project and the performance of local company participation, and discussed expanding the provision of information to local firms, supporting registration as partner companies, activating exchanges between large and small construction firms, and increasing opportunities for joint contract and subcontracting participation.

During the meeting, opinions were also raised that, despite the expansion of local restricted bidding policies implemented in April, the actual volume of contracts has not met the expectations of the local industry. In response, the Authority stated that it would strive to further expand local companies’ participation opportunities within the scope permitted by relevant laws in future projects.

Participants also agreed that expanding opportunities for prime contractors is necessary to enhance the technological capability and price competitiveness of local construction companies. The Authority plans to continue supporting the strengthening of local companies' capabilities by working with related organizations such as the Busan City Government and Gyeongnam Province.

Looking ahead, the Authority plans to establish an internal task force (TF) to operate a regular communication system and support strengthening the competitiveness of local construction companies and expanding their business participation.

Park Seong-ho, Director of the Busanjin-Hae Economic Free Zone Authority, emphasized, "The competitiveness of the local construction industry translates directly into the competitiveness of the regional economy," and added, "We will serve as a bridge linking project operators, prime contractors, and local companies, so that local firms can participate more broadly in development projects within the economic free zone."

Currently, the Busanjin-Hae Economic Free Zone is promoting a total of 20 projects, including 6 development projects, 6 infrastructure projects, and 8 large-scale construction permits. The combined project scale amounts to approximately 2.0486 trillion won. These endeavors include strengthening industrial and logistics functions linked to the construction of Jinhae New Port and the new airport in Gadukdo, establishing logistics hinterland districts, and expanding transportation infrastructure.

This content was produced with the assistance of AI translation services.