Busan is good

Busan Selected for the Ministry of Land, Infrastructure and Transport’s Public-Private Investment Partnership Project for the Second Consecutive Year

내용

The City of Busan (Mayor Park Heong-joon) announced that its “Medical and Healthcare Startup Incubator Development Project” in Seo-gu, which is based on the 15-Minute City economic model, has been selected for the Ministry of Land, Infrastructure and Transport’s (MOLIT) 2025 Public-Private Investment Partnership Project. The selection is expected to foster startups, create jobs, and expand the residential and active population, thereby contributing to regional revitalization.

The “Public-Private Investment Partnership Project” is a renamed version of the former “Public-Private Cooperation for Regional Co-Prosperity Agreement Project.” In 2024, Yeongdo-gu’s “Young Blue Valley Project” was the only project from a metropolitan city to be selected and is currently underway.

For this year’s project, eight local governments among 85 municipalities from nine provinces with declining populations applied, and five were selected:

• ●Selected municipalities: Seo-gu (Busan), Nonsan (Chungnam), Imsil (Jeonbuk), Wando (Jeonnam), Yeongdeok (Gyeongbuk)

The selected project in Seo-gu aims to support the establishment and growth of medical and healthcare startups, led by key private institutions such as the Biomedical Research Institute of PNU Hospital, Pusan National University, and the Busan Center for Creative Economy & Innovation.

Additionally, the project is a public-private collaboration involving the city, Seo-gu District, universities, and general hospitals, and is one of the economic models for Busan’s 15-Minute City initiative.

A total of KRW 9.1 billion will be invested over four years, from 2025 to 2028, including contributions from national (KRW 3.5 billion), city (KRW 1.4 billion), district (KRW 2.1 billion), and private (KRW 2.1 billion) sectors.

The project will promote 14 initiatives in three major categories:

• 1.Establishment of a startup incubator facility specializing in the medical and healthcare fields

• 2.Support for specialized programs in the medical and healthcare sectors

• 3.Operation of full-cycle support programs for startups

The incubator will provide workspace for startups in the medical field and operate customized programs and full-cycle support initiatives covering all aspects of business development. This will include support for research and development (R&D) in the medical sector and a focus on nurturing startups in the medical industry.

Outstanding startups will be given the opportunity to move into Seo-gu’s Medical R&D Knowledge Industry Center, which is scheduled for completion in 2028. This will enable continued support and growth even after public assistance ends.

Through this initiative, Busan aims to establish a foundation for fostering the medical industry in conjunction with Seo-gu’s key development project, the “Global High Medi-Hub Special Zone.” The project is expected to boost the residential and active population and generate a synergistic effect in revitalizing the local economy.

The project will be officially launched after undergoing review and resolution by the Presidential Committee for Balanced National Development in September and following the conclusion of a regional development investment agreement between the central and local governments.

Mayor Park Heong-joon stated, “It is highly meaningful that this public-private cooperation project that embodies the values of the 15-Minute City has been selected for the national competition for two consecutive years. Through this new industry in Seo-gu, we expect to create jobs and establish a virtuous cycle of regional revitalization.” He added, “We will continue to actively leverage public-private governance to discover regionally specialized content and pursue the 15-Minute City philosophy, enabling people to start businesses and find employment close to home.”