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Busan Signs MOU with IGIS Asset Management Co., Ltd. for KRW 1.8 Trillion Investment in AI Data Center Construction

내용

The Busan Metropolitan City (Mayor Park Heong-joon) announced that it will sign a KRW 1.8 trillion Memorandum of Understanding (MOU) with IGIS Asset Management Co., Ltd. (Real Asset Division CEO Lee Cheol-seung) today (June 17) at 10:00 AM in the International Protocol Room at City Hall, aimed at promoting the AI data center industry.

○ Mayor Park Heong-joon, IGIS Asset Management CEO Lee Cheol-seung, and Kim Tae-yeol, President of the Busan IT Industry Promotion Agency (BIPA), will participate in the signing ceremony.

Once the MOU is concluded, IGIS Asset Management will invest KRW 1.8 trillion in constructing and operating two large-scale AI data centers within the Myeongji-Noksan National Industrial Complex, with approximately 300 direct jobs expected to be created.

○ The broader economic effects include:
▲ KRW 3.492 trillion in production inducement
▲ KRW 1.332 trillion in value-added inducement
▲ Over 7,570 new jobs
▲ Increased local tax revenue, including acquisition and registration taxes, and local income taxes

Furthermore, the two parties will collaborate on various initiatives such as:

• ●Prioritizing local talent in hiring

• ●Expanding participation of local construction firms in building and equipment installation, offering them direct contracts

• ●Supporting digital industry growth through cloud transition consulting services based on the data center infrastructure

Busan City will complete administrative procedures such as design and construction permits, with groundbreaking expected in the second half of 2026 and full-scale operations beginning in the second half of 2029.

Mayor Park Heong-joon stated:
“This major investment will not only strengthen Busan’s AI and digital industry ecosystem but also become a catalyst for transforming the city into a national hub for AI infrastructure.”
He added, “We will continue to build the best possible urban environment for the future industry in collaboration with the private sector.”

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Appendix: Event Overview

MOU Signing Ceremony

• ●Date/Time: June 17, 2025 (Tue) at 10:00 AM

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

• ●Participants: Mayor of Busan, CEO of IGIS Asset Management, President of BIPA, and ~10 officials

• ●Agenda: Opening remarks, investment plan briefing, MOU signing, commemorative photo

Event Schedule

Time	Agenda	Details
10:00–10:02	Opening & Introduction	Opening remarks and guest introductions
10:02–10:11	Speeches	Remarks by Mayor, IGIS CEO, and BIPA President
10:11–10:16	Investment Plan Briefing	Presentation by IGIS representative
10:16–10:20	MOU Signing & Photo Session	Agreement signing and commemorative photo

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Appendix: MOU Summary

Entity	Commitment
Busan Metropolitan City / BIPA	Provide administrative support for data center construction
IGIS Asset Management Co., Ltd.

• ●Execute two data center investment projects worth KRW 1.8 trillion

• ●Prioritize hiring of local talent

• ●Preferential use of local companies and products

• ●Participate in the Green Data Center Council

• ●Implement local support projects worth KRW 5 billion |

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IGIS Asset Management Co., Ltd. – Company Overview

• ●CEO: Lee Cheol-seung (Real Asset Division)

• ●Industry: Trust and Collective Investment

• ●Founded: 2010

• ●Headquarters: 115 Yeoui Park-ro, Yeongdeungpo-gu, Seoul

• ●Business Focus: Korea’s leading data center developer (Ranked No.1)

• ●Sales (2024): KRW 418.2 billion (435 employees)

• ●Data Centers: 6 operating or under construction (e.g., Seoul Gasan, Ansan, Goyang, Gimpo)

• ●New Investment: 2 AI data centers in Myeongji-Noksan National Industrial Complex

• ○KRW 1.8 trillion investment

• ○300 jobs created