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Busan Holds Joint Declaration Ceremony to Support Local Enterprises’ Crisis Recovery and Innovation Growth

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To stabilize and promote the growth of local enterprises—the backbone of the Busan economy—and to revitalize the regional economy, the City of Busan, the Busan City Council, the Busan Chamber of Commerce and Industry, Busan Ilbo, and BNK Busan Bank are coming together.

The Busan Metropolitan City (Mayor Park Heong-joon) announced it will hold a “Joint Declaration Ceremony for Supporting Local Enterprises’ Crisis Recovery and Innovation Growth” at 3:00 PM today (May 7) in the International Protocol Room at City Hall.

○ The ceremony is being held amid a shared recognition of the growing challenges faced by local businesses—such as reduced investment due to global trade protectionism, high interest rates, and mounting debt, which have caused conditions even more difficult than during the COVID-19 pandemic.

○ The five institutions agreed on the need for a public-private cooperation framework to help local enterprises overcome these crises and achieve sustainable growth.

Attendees will include Mayor Park Heong-joon, Busan City Council Chairman Ahn Seong-min, and representatives from the five participating institutions: the Busan Chamber of Commerce and Industry, Busan Ilbo, and BNK Busan Bank.

○ The representatives will declare their collective commitment to jointly support crisis recovery and growth for local enterprises and put forth all efforts to restore economic vitality.

The key points of the joint declaration are as follows:

• 1.Strengthening practical support systems so that local businesses, the core of the regional economy, can overcome current crises and rebound.

• 2.Creating a business environment where SMEs can scale up to become mid-sized and even global enterprises, with comprehensive support for competitiveness.

• 3.Positioning Busan as a hub for innovative startups by reinforcing the startup ecosystem, expanding entrepreneurial opportunities, and promoting investment attraction.

Through this joint declaration, the city plans to further solidify the growth foundation for local enterprises and promote sustainable economic development by building an integrated public-private support system.

○ Specific policies to be pursued include tailored support for SME survival and scale-up, strengthening the growth ladder from startup to expansion, fostering anchor enterprises, and facilitating industrial transformation.

Mayor Park stated, “This joint declaration marks a turning point in which Busan’s public and private sectors unite to deliver hope to local businesses in crisis. We will continue close communication and cooperation with the private sector to strengthen the fundamentals and restore the vitality of our regional economy.”

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Appendix: Joint Declaration Ceremony for Supporting Local Enterprises’ Crisis Recovery and Innovation Growth

• ●Date/Time: Wednesday, May 7, 2025, 15:00–15:20 (20 minutes)

• ●Venue: International Protocol Room, 7F, Busan City Hall

• ●Participants: Representatives from five institutions

• ○Busan Metropolitan City

• ○Busan Metropolitan Council

• ○Busan Chamber of Commerce and Industry

• ○Busan Ilbo

• ○BNK Busan Bank

• ●Declaration Focus:

• ○Establishing a joint support system for local enterprises

• ○Helping SMEs scale into mid-sized and global companies

• ○Fostering a robust startup ecosystem

Program Schedule (Tentative):

Time	Activity	Notes
15:00–15:02 (2')	Opening and attendee introductions	Hosted by Director of Economic Policy
15:02–15:12 (10')	Remarks from representatives of the five institutions	–
15:12–15:17 (5')	Signing of the joint declaration and commemorative photo	–
15:17–15:20 (3')	Closing	–