Gamcheon wharf hinterland leased to foreign companies

The government decided to lease land to foreign logistic companies for nothing by buying 40 thousand pyong (1 pyong equals about 3.3. sq. m) at Pusan Port Gamcheon wharf.
According to the Ministry of Finance and Economy, the government will lease out 40 thousand pyong of west Gamcheon wharf hinterland in the Pusan Port CFZ (Custom Free Zone) to multinational logistic companies free of charge for 50 years at maximum. The lease is contingent upon the purchase of 57.1 billion won of hinterland real estate.
The government will cover the investment expenses fifty-fifty with Pusan City.
The government has given tax favors in the form of reductions and exemptions for the CFZ, but this is the first time that they have provided direct financial support.
Meanwhile, 18 foreign logistic companies intend to invest in Pusan Port, including Akzo Nobel, the world's 3rd largest chemical company based out of Holland. Akzo Nobel was chosen as a construction company for a 10 thousand pyong northeast logistic center. However, the companies are having trouble finding sites.
One government official said, "For economic recovery and an expansion of the potential growth rate, more investment is needed, so we will assist with systemic and executive support for smooth site procurement for foreign companies."
The plan is attracting attention because typhoon Maemi destroyed cranes in Pusan Port and there is building anxiety over Pusan Port losing its position as the world's 3rd largest container port as China focuses on building large ports.