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New Agreement with Busan Defense Venture Center Aims to Revitalize the Regional Defense Industry Ecosystem

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The Busan Metropolitan City Government (Mayor Park Heong-joon) announced that the Busan Defense Venture Center of the Agency for Defense Development signed new business support agreements with 14 local small and venture businesses on May 21 at 1 PM at Busan Techno Park Eomgung Complex. The Center will provide support for the next five years in defense project identification, technology development, business management, and marketing.

This year's contracted companies and their technologies include:

• ●Nara Drive Co., Ltd.: Precision planetary reducers

• ●Driveforce Co., Ltd.: Electric and hybrid propulsion systems

• ●DY Tech: Transformers for naval vessels

• ●Monstar Co., Ltd.: Military smart headbands

• ●Mir ENG Co., Ltd.: Protective covers for chocks on ships

• ●BAETECH Co., Ltd.: Signal distribution devices for naval ships

• ●Sungshin Defense Solution Co., Ltd.: Exhaust ducts for naval ships

• ●CSTech Co., Ltd.: High-strength warhead cup materials

• ●MATEC Co., Ltd.: Automated weapon loading/unloading equipment for submarines

• ●Woosung Electronics Co., Ltd.: EMC filters

• ●Jonghan Co., Ltd.: Pump assembly for K9 self-propelled artillery

• ●QOT Co., Ltd.: Dual-function power unit for motors and generators

• ●Taeyoung Fan Guard: Non-contact power transmission systems

• ●TeamINT Co., Ltd.: Multifunctional tactical information displays

Busan City provides annual financial and administrative support to the Center to help local companies enter the defense sector. In 2024, the City provided KRW 250 million in support, and the Center’s partner firms achieved KRW 239.2 billion in defense-related sales—a 27% increase from 2023 (KRW 187.7 billion).

Since its establishment in 2008, the Center has accumulated KRW 1.3265 trillion in defense industry sales over 16 years and has created 4,321 defense-related jobs, contributing significantly to the local economy.

• ●Starting with 15 firms in 2008, the Center now supports 70 companies, including this year’s new signees.

• ●Last year, the Center supported local firms through various initiatives such as local government-funded R&D, defense venture support programs, and the discovery and support of new defense tasks.

• ●This year, it is also promoting technical exchange events with Busan defense companies such as HJ Heavy Industries and SNT Motiv, recognized for their expertise in naval and firepower technologies.

• ●The Center plans to hold customized meetings to address the needs of each signed company and continue discovering future-oriented technologies, while also working closely with the military and related organizations to apply commercial technologies to defense projects.

Hong Joon-seok, Director of the Busan Defense Venture Center, stated,
“The 14 companies newly signed this year possess outstanding technologies applicable to weapon systems. With our active support, they will contribute to the localization of defense technologies and their application to future military needs.”

Nam Dong-woo, Director of Financial and Startup Policy at the City of Busan, commented,
“The Busan Defense Venture Center contributes to revitalizing the local economy by boosting defense industry sales and employment. We will continue to support the Center and provide comprehensive assistance to discover and commercialize outstanding technologies from local small and venture businesses needed by the military and defense industry.”