Busan is good

‘Busan’s Unique Investment Appeal in Abundance’ … Busan Holds the “Capital Area Investment Promotion Briefing” in Seoul

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Busan Metropolitan City (Mayor Park Heong-joon) announced that at 11:00 a.m. today (25th), it will hold the “Capital Area Investment Promotion Briefing” at Conrad Hotel in Yeouido, Seoul, to present Busan’s investment environment and incentives to companies in the capital area.

This briefing was planned to actively promote the city’s outstanding industrial competitiveness and attract investment from capital area companies.

The event will be attended by Mayor Park Heong-joon, Hyundai Department Store CEO Chung Ji-young, and approximately 200 representatives from about 100 companies and institutions, including the Korea Fintech Industry Association.

The program includes: signing of investment MOUs, an introduction to Busan’s business-friendly environment and the nation’s largest incentives, presentation of optimal industrial complexes for investment, and a dialogue session with entrepreneurs hosted by the Mayor.

In particular, the city plans to highlight its Opportunity Development Zones along with major industrial complexes, and focus on attracting promising companies and anchor enterprises to complexes under development such as the Centum 2 District High-Tech Industrial Complex (Urban Convergence Special Zone, hereafter Centum 2 District).

Scheduled for full completion in 2030, Centum 2 District covers a total land area of 1.91 million square meters, of which 440,000 square meters will be supplied as industrial land excluding support facilities and other uses. The city plans to build an “ICT Convergence Hub Valley,” concentrating knowledge-based industries such as information and communication technology, smart ships, and robotics. In addition, Busan will promote the strengths of Eco Delta City in Gangseo District, currently offering special discount sales, to attract industries wishing to establish operations there.

Furthermore, the city plans to actively promote its significantly expanded subsidy system for knowledge service industries, which was enlarged through this year’s ordinance amendment, in order to attract advanced industries to new industrial complexes.

• ●Subsidy limits for tenant subsidies and facility/equipment subsidies for knowledge service industries increased substantially (from KRW 700 million to KRW 10 billion).

Following this, investment agreements will be signed with three companies—Hyundai Department Store Co., Hanwha Power Systems Co., and Socialbin Co. These agreements are expected to bring KRW 759.3 billion in investment to Busan and create 2,226 new jobs.

• ●[Hyundai Department Store Co.] As the first project of “The Hyundai 2.0,” the company plans to establish a hybrid complex mall that breaks the boundary between department store and outlet in Eco Delta City, Gangseo District. The project involves an investment of KRW 734.6 billion, constructing a facility with a total floor area of 198,782 square meters, and creating about 2,000 new jobs. The MOU also includes commitments to prioritize local talent in hiring, devise measures to support local small businesses and traditional markets, and contribute to community development.

• ●[Hanwha Power Systems Co.] Since first settling in Busan in 2023 through the city’s investment promotion efforts, the company’s “Ship Solution Business Center” is pursuing a second investment for expansion. With this new investment of KRW 9.1 billion, the company plans to create more than 160 new jobs. Hanwha Power Systems explained that factors such as networking with local companies and favorable talent supply due to Busan’s excellent living environment were decisive in expanding their operations.

• ●[Socialbin Co.] Socialbin, a prospective unicorn company representing Busan, is a lifestyle goods manufacturer based on e-commerce. Riding the wave of rapid market growth, it plans to invest KRW 15.6 billion to build a new headquarters in Busanjin District, creating 65 new jobs.

Since the launch of the 8th municipal administration, the city has achieved more than KRW 16 trillion in investment attraction performance as of September this year. This success was driven by the large-scale attraction of leading companies in future high-tech industries such as global logistics and eco-friendly shipbuilding, alongside ongoing efforts to bring excellent companies into local industrial complexes.

On September 15, the city sent investment promotion letters to 1,500 leading companies in the capital area, and in November it plans to host a field trip (fam tour) for potential companies interested in investing in Busan, to showcase its infrastructure and investment environment.

Mayor Park Heong-joon emphasized, “Busan’s investment appeal is so vast that it is impossible to list them all—from the relocation of HMM headquarters, additional designation of Busan-style Opportunity Development Zones, to the early land sales for Centum 2 District Urban Convergence Special Zone. Through this briefing, we will present the vision of Busan’s future industries to entrepreneurs and, by continuously attracting excellent companies, fulfill our role and function as a hub city in the southeastern region to counter the centralization of the capital area.”