Busan City and Samsung Heavy Industries Sign Memorandum of Understanding for Investment in Establishing 'Busan Research and Development Center'

Signed Directly by Mayor Park Hyung-jun and Samsung Heavy Industries CEO Jeong Jin-taek at City Hall on the 12th at 3:10 PM

Investment Attraction by Leading Domestic Shipbuilding and Offshore Company Samsung Heavy Industries... Green Light for Crea

On the 12th at 3:10 PM, Busan City will sign a memorandum of understanding for investment to establish Samsung Heavy Industries' 'Busan Research and Development (R&D) Center,' an international shipbuilding company with world-class shipbuilding capabilities, at City Hall.

Busan City Hall.

The signing ceremony will be attended by Mayor Park Hyung-joon and Samsung Heavy Industries CEO Jung Jin-taek, who will sign the agreement in person.

This year, Samsung Heavy Industries has successfully turned a profit, escaping the long-term shipbuilding industry recession that lasted for eight years, as the volume of high value-added shipbuilding increased. The company has already secured about three years' worth of orders, including liquefied natural gas carriers (LNGC) and floating liquefied natural gas production facilities (FLNG).

Accordingly, to proactively respond to the expansion of ship orders and marine plant orders, Samsung Heavy Industries plans to swiftly establish a marine plant research and development (R&D) center and carry out large-scale new hiring.

A city official stated that Samsung Heavy Industries' investment in Busan was realized due to the city's active investment attraction efforts and CEO Jung Jin-taek's strong commitment to nurturing local talent in the shipbuilding industry.

Through this agreement, Samsung Heavy Industries will establish the 'Busan Research and Development (R&D) Center' in Busan, which is geographically close to the Geoje shipyard and facilitates securing specialized technical talent in the shipbuilding and marine sectors. The center will cover a total floor area of 500 pyeong (approximately 1,653 square meters) with an investment of 4.8 billion KRW, and plans to newly hire 210 research personnel specializing in ship design and plant engineering technologies by 2025.

While domestic large corporations' research and development (R&D) centers are currently concentrated in the metropolitan area to attract young skilled talent, Samsung Heavy Industries' attraction of the 'Busan Research and Development (R&D) Center' is a very exceptional achievement. Based on this, the city plans to expand the attraction of high value-added knowledge service companies concentrated in the metropolitan area to create good jobs preferred by local youth.

With this investment, Samsung Heavy Industries plans to intensively enhance its marine plant research and development (R&D) capabilities in Busan, separate from its current 'Pangyo Research and Development (R&D) Center.' The personnel employed in Busan will conduct design research to strengthen marine plant processes and engineering capabilities.

Prior to this agreement ceremony, Samsung Heavy Industries signed an agreement with Pusan National University on March 21 to develop digital transformation manufacturing innovation technologies and secure specialized personnel.

CEO Jung Jin-taek said, "For Samsung Heavy Industries to grow as a truly global company, 'digital talent is the key to the future.' We are very pleased to take on the challenge of becoming a world-class shipbuilding and marine company together with Busan City," adding, "We will strive to contribute to local economic development by hiring and settling local talent."

Mayor Park Hyung-joon expressed his gratitude, saying, "I am pleased that Samsung Heavy Industries, a leading domestic shipbuilding and marine company, is establishing its research and development (R&D) center in Busan. The establishment of this R&D center will not only strengthen the shipbuilding industry ecosystem but also prevent the outflow of local youth and skilled talent to the metropolitan area, creating a virtuous cycle of job creation with high-level talent concentrating in Busan." He added, "The city will carefully ensure that companies are not hindered by unnecessary regulations and will actively support continuous growth of companies and the local economy."

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