Institute backs plans to make Pusan tariff-free zone

The Korea Maritime Institute (KMI) said all of Pusan should be designated as a tariff-free zone, forecasting that the economic effect of such a move would be 4.8 trillion won in terms of job creation and the promotion of transit processing trade. The KMI made the proposal Friday in a special debate on Pusan development in the port city. If the government designated 1.75 million pyong of container piers and harbor districts in Pusan as a tariff-free zone, which would guarantee the free movement of products and the liberalization of various regulations, it would create jobs for 5,280 people and generate $470 million in added value, the KMI said.

The institute also pointed out that the existing individual exclusive terminal system in Pusan should be changed to an intelligence-type harbor system.

Kim Dong-Won daviskim@donga.com