Busan Urban Corporation to Promote Establishment of 'Private Enterprise Overseas Expansion Platform'

BMC-Maldives Plan MOU for Mutual Cooperation in Urban Development

Promoting Local Business Expansion with Pune Metropolitan Region Development Authority in India

Busan Metropolitan Corporation (BMC, President Kim Yonghak) will sign a memorandum of understanding (MOU) for mutual cooperation with the Housing Development Corporation Limited of the Maldives on the 30th, in the Maldives.

This agreement marks BMC's second MOU with an overseas institution, following the mutual cooperation agreement signed last October with the Pune Metropolitan Region Development Authority in India. This initiative is part of President Kim Yonghak's focus on expanding the public corporation's overseas business ventures.

The Maldives is a nation with low elevation throughout its territory, facing challenges from rising sea levels due to global warming. The capital, Male, is one of the most densely populated islands in the world, suffering from crowded residential environments and resulting urban issues.

The Housing Development Corporation, the subject of this agreement, is a state-owned enterprise established to develop and manage Hulhumale, a new city created by reclaiming atolls near Male. It is responsible for urban development and housing supply in the Maldives. In particular, the corporation is highly interested in land reclamation projects to expand the territory and overcome the challenges of rising sea levels.

Through this MOU, the two organizations have pledged to collaborate and exchange knowledge on topics such as eco-friendly reclamation, sustainable urban development, marine cities, and smart cities, including joint research and seminars.

BMC plans to use this visit to the HDC as an opportunity to tour relevant sites not only in Male and Hulhumale, but also in Gulhifalhu, where Dutch construction company Royal Boskalis Westminster is conducting reclamation projects, and Thilafushi, a landfill site planned to become a future industrial hub. BMC will explore potential cooperation with HDC and business opportunities in the Maldives.

Based on its extensive experience with shared water reclamation projects such as the Busan New Port hinterland development and the Dongsam Hari reclamation project, BMC is considering participation in reclamation projects in the Maldives and expects to jointly advance smart city and marine city technologies.

Additionally, BMC will visit Pune in early September for working-level discussions with the Pune Metropolitan Region Development Authority. This visit will be led by staff from BMC's Future Strategy Office, which is responsible for business development, to explore potential business opportunities in India.

Pune is also the region where Hyundai Motor Company recently announced plans to establish a production system with a capacity of over 200,000 units by acquiring a factory from General Motors (GM).

Kim Yonghak, President of Busan Metropolitan Corporation, stated, "After more than 30 years of experience and expertise in various urban development fields, it is time for BMC to seek overseas expansion to broaden our business horizons. BMC is considering not only the Maldives and India but also Indonesia. These efforts are expected to serve as a platform for local companies to expand their overseas business areas and secure stable revenue streams."

He added, "From the cooperation stage, we will take a step-by-step approach through market and system analysis to ensure that local companies can stably pursue overseas business, and we will do our utmost to support them."

The government has announced, through the 'Local Public Institution Innovation Guidelines,' that it will establish a public-private overseas cooperation platform to support the overseas expansion of local public enterprises, improve related systems, and build a comprehensive support system including network establishment to assist local public enterprises and their partners in entering overseas markets.

Busan Urban Corporation

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