Operation of the Busan-Jinhae Free Economic Zone is gaining momentum, aided by the Korean operations of prominent foreign organizations based in the special economic zone.

On Oct. 17, Tsubakimoto Automotive Korea’s plant in the zone was completed. The plant will produce timing chains used in automobile engines for Hyundai Motor Group’s two carmakers, and the company plans to increase the number to 107 by 2014 from the current 45. 

According to BJFEZ Authority, the Tsubakimoto Chain Co-owned plant’s completion will have positive effects on attracting associated companies to the BJFEZ and on the operations of Korean firms with related businesses in the region.

In addition to the completion of the auto parts plant, the Busan-campus of Germany’s Friedrich Alexander University, located within the zone, held an admissions information event at the Goethe Institute in Busan on Friday.

The FAU Busan Campus is the first German institution of higher education to be established in Asia. At the event, the institution provided information about its master’s degree courses that will start in the spring.

All Korean students enrolling at the FAU Busan Campus will be eligible for sponsorship covering the first term’s tuition fees from Korean or German scholarship foundations.

By Choi He-suk  (cheesuk@heraldcorp.com)