KOTRA and Busan City Sign Business Agreement for Attracting Foreign Investment and Returning Companies

KOTRA signed a business agreement with Busan Metropolitan City on the 26th at Busan City Hall to attract foreign investment and returnee companies. Kwon Pyung-oh, President of KOTRA (right), and Byun Sung-wan, Acting Mayor of Busan, are posing for a commemorative photo. (Photo by KOTRA)

[Asia Economy Reporter Kim Ji-hee] KOTRA (Korea Trade-Investment Promotion Agency) is partnering with Busan City to establish a cooperative system essential for revitalizing the local economy and creating jobs by attracting foreign investment and returning companies.

On the 26th, KOTRA signed a business agreement with Busan Metropolitan City at Busan City Hall. Through this agreement, both organizations plan to join forces to discover strategic projects in key local industries, attract foreign-invested companies and returning companies to major investment hubs, jointly promote overseas investment promotion (IR) activities, and dispatch investment attraction delegations.

In particular, KOTRA will focus on customized investment attraction in key local growth industries such as fintech, medical, bio, logistics, and cultural contents. In environments where direct face-to-face meetings with foreign investors are difficult, KOTRA will utilize its overseas network and online consultation facilities. Investment promotion activities will be jointly conducted online, and investment attraction information in key areas will be continuously monitored.

After signing the business agreement, KOTRA and Busan Metropolitan City visited Marineworks, a specialized shipbuilding and marine ICT company. Designated as an ‘advanced technology company’ by the Ministry of Science and ICT, Marineworks is partially downsizing its operations in China and promoting a return to Korea. Although investment has been delayed due to the COVID-19 pandemic, it is expected to become the ‘first case of return in the information and communication industry and knowledge service industry’ upon selection as a returning company.

Kwon Pyung-oh, President of KOTRA, stated, “Creating a global business environment is essential to attract foreign investment and returning companies to the region,” adding, “We will actively utilize KOTRA’s worldwide network to contribute to revitalizing the local economy and creating jobs.”

This content was produced with the assistance of AI translation services.