AustCham Delegation Visits Ulsan Free Economic Zone
On Friday, December 9, a delegation made of Sponsors and the AustCham Korea Board of Directors was invited to Ulsan for a tour of the Ulsan Free Economic Zone (UFEZ) by the Ulsan Free Economic Zone Authority (UFEZA). The members in attendance included Vice Chair, Jo Billing from JOST & Co, Treasurer, Kelly Lee from IFM Investors, Ryan Freer from Trade and Investment Queensland, Russell Wild from the Australian Embassy in Korea, Mark Watson from ERM Korea, Tanya Moon from New Electric Partners, Yoojin Kim from Investment NSW, Myungjin Kim from South Australia DTI, Nicola Weir from Deloitte, Kiyang Cho from Mott Macdonald, Jaewook Ryu from Shin & Kim and the AustCham Korea Secretariat Grace Casley and Harna Fary.
As the hub of the manufacturing industry worldwide, Ulsan has based its growth on three major industries; automobile, shipbuilding and petrochemical. Ulsan is the industrial powerhouse of South Korea, forming the heart of the Ulsan Industrial District. It has the world’s largest automobile assembly plant, operated by the Hyundai Motor Company; the world’s largest shipyard, operated by Hyundai Heavy Industries; and the world’s third-largest oil refinery, owned by SK Energy. On the tour, AustCham Korea representatives had the opportunity to visit the first and second places listed above.
The tour commenced at the Hyundai Motor Company factory, where the delegation got an inside look into the production line of making Hyundai cars. The factories there produce cars at a rate of one automobile every 9.7 seconds, which are then shipped internationally from the ports on-site. After this impressive display by Hyundai, the delegation was escorted to Lotte Hotel Ulsan for a series of informative educational presentations made by Lim Hankwon, Choi Jongsoo and Kim Jinsoo. This was accompanied by seasonal fresh seafood for lunch and local Ulsan Boksoon makgeolli. The tour continued at the Hyundai Heavy Metals shipyard with a lesson on leadership thanks to the Hyundai founder, Asan, followed by a showcase of the grounds by bus.
Thanks to UFEZA, the tour was completed with a birdseye view of UFEZ from the Ulsan Bridge Observatory with a side of local coffee. The Chamber was deeply grateful for UFEZA’s hospitality, and for connecting the delegation with insightful and educational tour opportunities with Hyundai. AustCham Korea looks forward to seeing what opportunities 2023 brings for UFEZA and the Chamber.
