Korean Port of Busan -- Site of 2005 APEC Summit --
Focus of NYC Investment Conference on June 14, 2005

Business/Government/Assignment Editors

NEW YORK -- June 8, 2005

The Busan Port Authority (BPA), Busan-Jinhae Free Economic Zone Authority (BJFEZA) and the Korea International Trade Association (KITA) invites internationally-focused investors, executives, financial and service professionals, journalists and other interested individuals to attend the first Busan North American Investment Forum.

Information concerning the program agenda, registration and other details can be accessed at http://www.kwrintl.com/busan or by contacting busan@kwrintl.com.

This meeting will be held without charge on June 14, 2005 from 9:00 AM-2:00 PM at the Waldorf=Astoria Hotel, located at 301 Park Avenue (between 49th and 50th streets) in New York City. Admission will be granted on a space available basis, with preference given to investors and executives who are active in the transportation, logistics, distribution, technology and manufacturing industries. Advance registration is encouraged and advised.
Supporting organizations of this event include the Asia Society, Korea Society, Manhattan Chamber of Commerce and U.S.-Korea Business Council. Supporting publications include Asia Times, Business Facilities, EE Times, fDi Magazine, Journal of Commerce, and the KWR International Advisor.

Strategically located on the southeastern tip of the Korean peninsula, Busan is the second largest city in Korea. It is a thriving metropolitan center, with approximately 3.7 million inhabitants. Busan's deep harbor and gentle tides have transformed it into the largest port in the country -- handling 80% of total Korean container volume -- and the third largest transshipment container facility in the world. The creation of the Busan-Jinhae Free Economic Zone in March 2004 -- a 25,000 acre complex that includes Busan New Port, the Busan Science and Industrial Park and a range of other facilities -- now offers foreign corporations and investors a range of tax and other incentives, further accentuating Busan's attractiveness as a business and investment destination.

The investment environment of Busan holds several advantages over other FEZs in Korea. Aside from the world-class port that Busan offers, many of Korea's largest conglomerates and about 9,000 small and medium sized enterprises manufacture in the area. This includes shipbuilding and heavy industry factories of the Samsung Group, home appliances and elevator plants of LG, automobile & parts plants of Hyundai, shipbuilding and passenger car factories of GM Daewoo and the heavy machinery plants of Doosan. In addition, about 200 world renowned foreign companies including, but not limited to, Sony, Nokia, Volvo, Scania, Remy, Delphi, Siemens, Bosch have set up plants in the region. One especially notable transaction took place in 2004 when France's Renault Group announced a US $500 million investment into its existing Renault-Samsung auto manufacturing facilities -- currently within the boundaries of the Busan-Jinhae Free Economic Zone.

Busan has also been selected as the site for this year's annual Asia Pacific Economic Cooperation (APEC) summit meeting. This event is expected to draw about 6,000 participants from 21 member countries including heads of state, business leaders and journalists. The summit will focus attention on Korea's role as an important member of this regional economic alliance and draw attention to the city and the many trade and business opportunities that it offers.

" Koreans have long regarded the region surrounding Busan as one of Korea's primary manufacturing and logistical centers, yet U.S. firms and investors remain largely unaware of its vibrant potential," noted Myron Brilliant, President of the U.S.-Korea Business Council. "Busan's selection as the site of November's APEC Summit meeting, however, promises more international attention for Busan as an investment destination."

"The Port of Busan has been a focal point of shipping in Northeast Asia for over 100 years," commented Mr. Robert C. DiChiara, Executive Vice President of the World Trade Centers Association, Inc. "The construction of a new 30-berth container port, and developments including the opening of the Busan Science and Industrial Park, promise to further expand the cities competitiveness as a world-class maritime hub and business center."

"Busan's attractiveness as a trade and investment destination was dramatically enhanced last year by the development of the Busan-Jinhae Free Economic Zone. This presents foreign companies with attractive incentives as well as a platform upon which to maximize supply chain efficiencies and their international competitiveness", stated Mr. Suk Ho Mun, President of the Korea International Trade Association in New York. "We look forward to joining with U.S. firms and investors on June 14th to familiarize them with current development in Busan and to allow them this opportunity to meet face-to-face with the visiting delegation."”

To register to attend the Busan North American Investment Forum, or to obtain more information, please visit http://www.kwrintl.com/busan or visit the contact noted below.

Contact: Keith Rabin
KWR International Inc.
Tel +1-212-532-3005
Fax +1-212-685-2413
busan@kwrintl.com

This material is published and disseminated by KWR International, Inc. on behalf of the Korea International Trade Association (KITA). Additional information is on file with the Department of Justice, Washington, D.C.