Busan is good

Mayor Park Heong-joon Meets Jackie Hernandez, Vice President of Plug and Play Discusses Cooperation for Strengthening Busan’s Startup Ecosystem

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Mayor Park Heong-joon of Busan Metropolitan City met with Jackie Hernandez, Vice President of Plug and Play, on May 15 at 4:30 PM at the International Protocol Room in City Hall to discuss strategies for enhancing Busan’s startup ecosystem.

During the meeting, VP Hernandez expressed gratitude for Mayor Park’s interest in the upcoming Letter of Intent (LOI) signing between Plug and Play and Busan, which will serve as a preliminary feasibility study ahead of a formal contract signing in Silicon Valley on May 27.

She emphasized that Plug and Play headquarters is actively focusing on expanding into the Korean startup ecosystem, particularly Busan, and voiced high expectations for stronger global collaboration through this partnership.

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In response, Mayor Park thanked VP Hernandez for visiting Busan despite her busy schedule ahead of the Plug and Play Silicon Valley Summit in June. He highlighted the dramatic growth and transformation of Busan’s startup ecosystem under the 8th civil administration and emphasized that this collaboration would be a major milestone for Busan to advance globally.

Mayor Park explained Busan’s recent key achievements, including:

• ●Establishment of the Busan Startup Investment Agency

• ●Creation of large-scale venture funds:

• ○Future Growth Venture Fund (KRW 292.3 billion, 2025)

• ○Local Era Venture Fund (KRW 200 billion, 2024)

• ●Expansion of startup infrastructure such as Global Startup Hub Busan and Green Startup Town

Thanks to these efforts, Busan entered the Top 20 Cities in Asia in the Startup Genome’s 2024 Global Startup Ecosystem Rankings for the first time.

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VP Hernandez noted that Plug and Play headquarters is paying close attention to these developments in Busan and is actively reviewing collaboration opportunities through its global network to help further develop the city's startup ecosystem.

She also mentioned that before meeting with Mayor Park, she had visited Yang Jae-saeng, Chairman of the Busan Chamber of Commerce and Industry (BCCI), and discussed the importance of open innovation and collaboration between startups and mid-sized companies to foster sustainable growth.

Accompanied by Kim Yong-woo, CEO of Busan Center for Creative Economy and Innovation, VP Hernandez and Plug and Play executives met with Jung Hyun-min, Vice Chairman of BCCI, to discuss joint open innovation initiatives between BCCI and Plug and Play.

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Mayor Park expressed agreement with VP Hernandez on the importance of open innovation for revitalizing the startup ecosystem, and shared his expectations for future collaboration between Plug and Play and leading local enterprises through the Busan Chamber of Commerce and Industry.

He concluded the meeting by stating:

“I hope today’s meeting serves as a foundation for a stronger partnership between Busan and Plug and Play.
We ask Plug and Play to take on a leading role in connecting with major industry players to further accelerate the development of Busan’s startup ecosystem.”

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Attachment 1: Overview of the Courtesy Visit

• ●Participants included Jackie Hernandez (Global Partnerships SVP), David Kim (Global Business Director), Jeffery Kim (Korea Partnerships Manager)

• ●Mayor’s Office, Chief Policy Officer, Deputy Mayor for Administration present

• ●Formal LOI signing scheduled for May 27, 10:00 AM, at Plug and Play Headquarters

Attachment 2: About Plug and Play (PNP) Tech Center

• ●Founded by Saeed Amidi, headquartered in Silicon Valley, San Francisco

• ●Known for nurturing global tech giants including Google and PayPal

• ●Operates globally across sectors including accelerator programs, corporate innovation, and venture investment

Attachment 3: Courtesy Visit Photos