Busan City Launches 'Busan Global New Industry Innovation Special Zone Promotion Committee' ... Creating a Region-Led Innovative Growth Industrial Ecosystem

Mayor Park Hyung-jun, Lee Young-hwal, Full-time Vice Chairman of the Chamber of Commerce, and Committee (TF) Members Attend

'Global New Industry Innovation Zone' including Centum 2 District (planned).

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Busan City has launched the ‘Busan Global New Industry Innovation Special Zone Promotion Committee (TF)’ and will hold an inauguration ceremony at 2:30 PM on the 9th in the large conference room on the first floor of City Hall.

The ‘Busan Global New Industry Innovation Special Zone Promotion Committee (TF)’ was established to proactively discuss and promote the government policy of creating a ‘Global New Industry Innovation Special Zone,’ one of the national agenda items of the Yoon Suk-yeol administration, with participation from about 10 global economic experts and others.

The inauguration ceremony will be attended by Mayor Park Hyung-joon, National Assembly member Kim Mi-ae, Lee Young-hwal, full-time vice chairman of the Chamber of Commerce, Kim Jae-gu, next president of the Korean Academic Society of Business Administration (committee chairman), and TF committee members, focusing on discussing plans for establishing the Busan Global New Industry Innovation Special Zone.

▲ Government’s Special Zone Policy Direction

The current government has presented a blueprint for regional balanced development since the Presidential Transition Committee period, including the establishment of ‘Opportunity Development Zones (ODZ).’

Accordingly, in July, the Ministry of SMEs and Startups announced in its new government work plan report that it will designate regulatory free zones with high global growth potential and nearby innovation hubs as ‘Global New Industry Innovation Special Zones’ to leap forward as global innovation bases, providing focused support from 2023.

The ‘Global New Industry Innovation Special Zone’ project aims to create a new industry innovation ecosystem that generates future-oriented jobs through bottom-up regional development, considering the need for clusters driving regional innovative growth in the Fourth Industrial Revolution era, and to nurture these areas into global new industry innovation clusters competitive worldwide.

▲ Busan City’s Proposed Sites for Implementation

The city plans to designate and develop a Global New Industry Innovation Special Zone by attracting foreign investment, foreign companies, and universities to combine with local innovation capabilities. Candidate sites under review include the Centum 2 District Advanced Industrial Complex and the Uam Pier area.

The Centum 2 District Advanced Industrial Complex is linked with Centum City and the upper reaches of the Suyeong River and serves as a hub area for the Busan-Ulsan-Gyeongnam (Bu-Ul-Gyeong) megacity on a metropolitan scale.

It is also designated as an urban convergence special zone, allowing expansion of specialized fields such as Information and Communication Technology (ICT), digital content, and research and development (R&D).

The Uam Pier area includes Pier 7, Uam Pier, and the former Busan University of Foreign Studies site. It is currently the proposed site for the 2030 Busan World Expo and a marine industry cluster development area.

If developed as a special zone, the area plans to be nurtured as a global game industry hub centered on startups through designations such as economic free zones.

▲ Future Plans

Through the newly launched ‘Busan Global New Industry Innovation Special Zone Promotion Committee (TF),’ the city will further specify the development plans and strategies for the special zone and begin full-scale consultations with the Presidential Office and related ministries from August.

The city will urge the presidential ‘Local Era Committee,’ expected to launch in September, to promote the Busan Global New Industry Innovation Special Zone and actively seek additional project sites centered on the TF committee.

Mayor Park Hyung-joon said, “In this era of great transformation ushered in by the Fourth Industrial Revolution, we must prepare growth strategies to create a new Busan,” adding, “I expect that the newly launched ‘Busan Global New Industry Innovation Special Zone Promotion Committee (TF)’ will present excellent plans to lead regional innovative growth.”

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