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Park Heong-joon: “The Real Beginning Comes After Investment!” Busan Mayor Visits Local Investment Companies to Provide ‘Policy After Service’

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Busan Metropolitan City (Mayor Park Heong-joon) announced that on November 3 at 3:20 p.m., the Mayor would visit major investment companies located in the Gangseo District to listen to on-site voices and initiate a “Policy After Service (AS)” program to support their continuous growth following investment.

This field visit aims to confirm whether the opinions gathered at the Emergency Economic Countermeasure Meetings and business roundtables are being effectively reflected in actual policy and to enhance the practical effectiveness of municipal measures so that corporate growth after investment can lead to the creation of local jobs and the expansion of the regional industrial ecosystem.

Through this visit, Mayor Park will directly hear about corporate challenges and areas where support is needed, while discussing customized assistance and regulatory improvement measures that can deliver tangible benefits to businesses.

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First, the Mayor will visit Oriental Precision & Engineering Co., Ltd., a prestigious local company, to express his appreciation for its continued regional investment despite difficult economic conditions and emphasize that “the city will continue to fully support companies that invest in Busan.”

Founded in Busan in 1980, Oriental Precision & Engineering is a specialized ship equipment manufacturer that produces marine cranes and upper structures, holding the No. 1 market share in Korea’s marine crane sector.

The company has focused on strengthening its global competitiveness by developing ultra-low temperature cranes capable of operating at -52°C and by proactively responding to changes in the eco-friendly and digital shipbuilding markets.

With an investment of KRW 25 billion, it plans to establish its own R&D Center on a 3,500-pyeong (approximately 11,570 m²) site within the Eco Delta City, which is expected to create around 80 new jobs upon completion.

To ensure the prompt start of construction, the City will strengthen on-site support through a designated project manager (PM) and actively assist in coordination with relevant institutions centered around the One-Stop Investment Support Council, which comprises 13 organizations.

A company representative expressed gratitude, saying that “Busan City’s active support—such as facilitating the R&D campus land contract and issuing English ESG partnership certificates—has laid the foundation for us to grow into a global leader in marine cranes. The establishment of the R&D campus will not only create opportunities to hire outstanding local talent but also contribute to revitalizing the regional economy by strengthening the competitiveness of Busan’s key shipbuilding industry.”

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Next, the Mayor will visit the Prestige Biopharma Innovative Drug Center (IDC) to express his appreciation for its establishment of Busan’s first large-scale bio-pharmaceutical research center through foreign investment and for its successful operation. He will emphasize that “the City will continue to provide support so that the company can grow into a global hub for new drug development.”

Opened in November 2024, the Prestige Biopharma Innovative Drug Center (IDC) is the first bio-pharmaceutical R&D center in Busan built with foreign capital and also the largest in Korea. Since its opening, the center has established a full value-chain system encompassing the development, clinical trials, commercialization, and production of antibody biopharmaceuticals, focusing on the development of innovative first-in-class antibody drugs.

The IDC, located on a 31,000 m² (9,500-pyeong) site with one basement level and six above-ground floors, is equipped with advanced facilities and solutions. Over 86 percent of its regular research staff hold master’s or doctoral degrees and are engaged in the study of antibody drugs and biosimilars.

The center has achieved remarkable milestones, including the designation of its pancreatic cancer-targeted therapy as an orphan drug and a subject of expedited review by the U.S. Food and Drug Administration (FDA), the European Medicines Agency (EMA), and Korea’s Ministry of Food and Drug Safety. In August 2025, it was also selected for the Korean ARPA-H* project. Furthermore, it continues to promote industry-academic collaboration and global commercialization through open innovation.

ARPA-H (Advanced Research Projects Agency for Health): A U.S.-inspired, challenge-driven health R&D system for vaccines, treatments, and digital healthcare innovations aimed at tackling national challenges such as pandemics, cancer, intractable diseases, and aging societies.

A company official stated that “thanks to the City’s support, foreign-invested enterprises have been able to settle and grow in Busan,” and expressed appreciation for Busan’s continued efforts to enable the company to fully realize its innovative drug research capabilities.

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Busan Metropolitan City plans to further strengthen the Policy After Service (AS) system to ensure that corporate investments lead to job creation and enhanced regional competitiveness. The City will spare no effort to build an environment where companies can invest with confidence.

In particular, Busan will continue to promote various customized support measures so that corporate vitality, growth, and mutual prosperity with the local community can take firm root.

Mayor Park Heong-joon stated, “Investment is not the end but a new beginning. Busan will be a reliable partner throughout the entire process of companies taking root and growing here. We will further reinforce our Policy After Service program to make Busan a city where businesses can truly thrive together with us.”