Busan City Records Largest Ever Investment Attraction of 3.6 Trillion KRW

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters, Trainee Reporter Hwang Du-yeol] Busan City has achieved the largest investment attraction in its history, totaling 3.6 trillion KRW.

In 2021, Busan City attracted a total investment of 2.1 trillion KRW from 23 domestic and international companies, and on the 16th, signed an investment agreement worth 1.5 trillion KRW for renewable energy and district energy supply facilities with Macquarie Capital Korea and Busan City Gas in the Western Busan area.

The city achieved balanced investment results across manufacturing, advanced knowledge service industries, and bio-medical sectors, including three global logistics giants: Coupang, BGF Retail, and LX International.

Busan City stated, "The successive attraction of companies to Busan is attributed to the rapid growth of global e-commerce and smart logistics, the passage of the Gadeokdo New Airport Special Act, and efforts to host the 2030 Busan World Expo, which have significantly enhanced Busan's urban brand value."

To improve the economic structure of Busan centered on small and medium enterprises, Mayor Park Hyung-jun conducted sales activities by visiting large corporations. Following the investment agreement, corporate investment implementation is also progressing.

Prestige BioPharma signed a land sales contract last August and will hold a groundbreaking ceremony for the Busan IDC (Innovative Discover Center) in the Myeongji R&D district of Gangseo-gu.

Prestige BioPharma is the largest foreign-invested company in the industrial group certified by the government as a new growth engine industry.

The Myeongji Global Campus development project also signed a win-win agreement between Busan City and the Korea Land and Housing Corporation in July, aiming to open in 2024.

The city is preparing architectural designs after negotiations with the Royal Russell School, the UK main campus.

To ensure companies investing in Busan can settle early and stably, the city plans to revise ordinances and regulations related to investment support systems, including ▲systematic support and utilization of shared urban properties ▲providing incentives for key locations ▲payment of education and training expenses to attract research and development (R&D) talent.

The city plans to focus on creating youth jobs by attracting companies in advanced industries through industry-academia cooperation projects linked with large corporations.

Mayor Park Hyung-jun of Busan said, "We will concentrate our capabilities to prevent the outflow of young talent, create a competitive industrial ecosystem, and attract new growth engine industries."

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