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Local Press, Joseilbo, May 10, 2009
This text is translated into English from  Korean article on Joseilbo.
Busan Customs Authority
Offering Full Support to Foreign Investment company in Korea
Busan Customs Office has announced on Monday, 27th of April that the authority has recently issued a “Bonded Factory Registration Licence” to Wärtsilä Korea Ltd(WKR), a Finnish multinational company specialized in marine services in a way to support foreign investment company in Korea. This business support is expected to bring more jobs and tax revenue to the region.
According to a recent announcement by the authorities, the Customs Office has sought to find a solution for the company which has found some difficulties in their ship-repair business. WKR said that they have been running a ship-repair services in which they have repaired unshipped spare parts within 3 months. But as the engine is getting bigger, it is getting harder for the company to find required components of the engine. So, WKR has to pay the customs taxes on the parts unless they repair the parts within 3 months. This customs tax has been passed onto customers, which has made the company lag behind other competitors in Singapore, Hong Kong and other Asian countries in terms of price competitiveness.
Although the company has the technological edge over their competitors in the ship repair services, unnecessary customs tax has been one of the discouraging factors for the ship owners when they tried to repair their ships in Busan as it raises their maintenance cost.
The bonded factory licence will allow Wärtsilä Korea to attract more customers into the region and help it to see additional $ 8 million sales increase. Busan Customs Authorities promise that they will continue their support for the foreign investment company.
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