Busan City Secures 30 Billion KRW in National Funding to Support Future Industries Including Marine Advanced Materials

[Asia Economy Yeongnam Reporting Headquarters, Reporter Ju Cheol-in] Busan City announced on the 13th that it secured the highest amount of national funding, 30 billion KRW, among 14 local governments nationwide in the '2021 Regional Innovation Growth Plan' new project review hosted by the National Balanced Development Committee.

In this review, out of 54 project applications that were essential to each region and had no overlap with other projects from 14 local governments excluding the metropolitan area, a total of 31 projects were finally selected. Among them, Busan City had both projects, 'Establishment of an Innovative Platform for Lightweight and High-Performance Materials in Shipbuilding and Marine' and 'Support for ICT-based Connected Convergence Mechanical Parts Industry,' selected and will receive support of 10 billion KRW annually for three years.

A city official said, "It is meaningful that the region independently established the Regional Innovation Growth Plan," adding, "It will be an opportunity for the local advanced marine materials industry and intelligent mechanical parts industry to grow further."

The Regional Innovation Growth Plan will be finalized after the National Balanced Development Committee's plenary session review in May this year.

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