Market-Led Development... Park Hyung-jun, Mayor of Busan, "Focusing City Administration Efforts on Attracting Corporate Investment"

Mayor Park Hyung-jun of Busan. [Photo by Yonhap News]

[Asia Economy Yeongnam Reporting Headquarters, Trainee Reporter Hwang Du-yeol] On the 2nd, Park Hyung-jun, Mayor of Busan, will meet with representatives of investment-attracting companies and Busan-based companies.

This is to share the achievements of investment attraction in Busan and to listen to corporate difficulties to reflect them in policies.

The event will be attended by representatives of about 20 companies, including Busan’s leading companies such as Reno Industry and Autonics, investment-attracting companies such as BGF Retail and Prestige BioPharma, and companies likely to attract investment.

Mayor Park plans to reflect the suggestions of businesspeople in policies and induce additional investment through systematic follow-up management and administrative support.

Mayor Park judged that it is necessary to improve the economic structure of Busan centered on small and medium-sized enterprises, and held meetings with CEOs and executives of large corporations, as well as delegations from overseas chambers of commerce.

At the Emergency Economic Measures Meeting, issues related to attracting companies to Busan, trends in attracting companies in other cities and provinces, and investment trends of large corporations were analyzed.

The meeting prepared measures to revitalize corporate attraction, such as securing locations suitable for the demand of investment companies in Busan and providing incentives.

Busan City plans to ensure that companies investing in Busan settle stably through one-point support at all stages of investment and follow-up management.

The city also plans to revise ordinances and regulations related to investment support systems, including systematic support, utilization of shared property in the city center, provision of incentives for key locations, and payment of education and training expenses to attract research and development talent.

Not stopping at attracting companies, Busan aims to lead the co-growth of small and medium-sized enterprises and mid-sized companies through linked cooperation projects with large corporations. To create a Busan where young people want to live, it plans to attract companies in advanced industrial fields through industry-academia cooperation and create jobs for youth.

This year, the city signed business agreements with 22 companies, including global large corporations such as Coupang, BGF Retail, and LX Pantos. It achieved the shortest period and the largest investment attraction of up to 2 trillion won and created about 8,300 jobs. By attracting cutting-edge global logistics companies, it led the Tri-Port era and completed a smart logistics city.

Park Hyung-jun, Mayor of Busan, said, “We will strive to ensure that attracted companies settle successfully through the establishment of a systematic investment attraction system, the introduction of investment incentives, and institutional improvements.”

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