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Busan Signs Letter of Intent (LOI) for Business Partnership with Global Startup Accelerator PLUG AND PLAY

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On May 27 at 10:30 a.m. (local time), the City of Busan (Mayor Park Heong-joon) announced the signing of a Letter of Intent (LOI) for a business partnership with PLUG AND PLAY at the company’s global headquarters located in Silicon Valley, USA.

PLUG AND PLAY: One of the world’s largest innovation ecosystems and investment platforms. It connects promising startups with key industry leaders, stakeholders, and venture capitalists, while providing acceleration programs.

The LOI was signed by Lee Jun-seung, Deputy Mayor for Administrative Affairs of Busan, and Saeed Amidi, CEO of PLUG AND PLAY.

This LOI was signed with the purpose of conducting a joint feasibility study prior to entering into a final contract. It encompasses plans to:

• ●Establish a PLUG AND PLAY branch in the Busan Global Startup Hub,

• ●Operate customized accelerator programs within the Hub,

• ●Jointly establish the World Startup Cities Association (headquartered in Busan),

• ●And host co-organized events in Silicon Valley.

Key Contents of the LOI between Busan and PLUG AND PLAY:

• ●Establishment of PLUG AND PLAY’s Busan branch in the Global Startup Hub.

• ●Discussions on contracts for customized accelerator programs in Busan.

• ●Joint founding of the tentative “World Startup Cities Association,” an international organization headquartered in Busan.

• ●Support for Busan’s global startup network through cooperation with PLUG AND PLAY’s headquarters and European offices (e.g., Paris).

• ●Invitation of up to 10 representatives from Busan and its partner companies to private networking events hosted by PLUG AND PLAY.

• ●One-time invitation to PLUG AND PLAY’s satellite offices.

• ●Joint planning of events hosted at PLUG AND PLAY headquarters in Silicon Valley.

• ●Collaborative programs and events for global participation by Busan startups and stakeholders.

• ●Support programs for scaling up competitive manufacturing companies in Busan.

Deputy Mayor Lee, who attended the signing ceremony, remarked, “Chairman Amidi’s recent nickname ‘AI Amidi’ reflects his keen insight into emerging trends. His recent efforts to organize a Korea-dedicated task force within PLUG AND PLAY to explore the Busan startup ecosystem demonstrate his forward-thinking leadership.” He went on to highlight the recent dramatic growth of Busan’s startup environment.

Busan recently:

• ●Established the Busan Startup Investment Agency (2025),

• ●Created startup venture funds totaling KRW 2 trillion by 2030, including the Future Growth Venture Fund (KRW 292.3 billion in 2024) and the Local Era Venture Fund (KRW 200 billion in 2025),

• ●And has been expanding startup infrastructure such as the Global Startup Hub and Green Startup Town.

Chairman Amidi expressed his appreciation for Deputy Mayor Lee’s visit and said, “Busan’s startup ecosystem has grown at an impressive pace. In response, we restructured our internal organization so that the Korea Task Force reports directly to our headquarters, underscoring the importance of this collaboration.”

PLUG AND PLAY’s Korea Task Force is composed of elite personnel from the headquarters, including branch founders, executives, and senior managers.
The team is tasked with utilizing PLUG AND PLAY’s resources to promote open innovation in Silicon Valley and globally, and to support the international growth of promising Korean startups.

Deputy Mayor Lee responded to Chairman Amidi’s expectations by stating, “This LOI marks the starting point of formal cooperation between Busan and PLUG AND PLAY. We look forward to quickly finalizing the details—such as the establishment of the PLUG AND PLAY Busan branch and the World Startup Cities Association—through practical discussions. This agreement aligns with the City’s policy direction of strengthening cooperation with PLUG AND PLAY and advancing Busan’s global leadership in startup alliances. We anticipate it will help elevate Busan’s startup ecosystem to the next level on the global stage.”