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Innovation Begins on the Ground: Busan Metropolitan City to Drive “Super-Gap Growth” at the Mieum and International Industrial Logistics City Industrial Complexes

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Busan Metropolitan City (Mayor Park Heong-joon) announced that it will hold the “4th Corporate Innovation and Growth Relay Roundtable” today (29) at 15:00 with tenant companies of the Mieum and International Industrial Logistics City industrial complexes, in the international conference room of the Busan Global Tech-Biz Center located within the Mieum Industrial Complex in Gangseo-gu.

This roundtable will bring together 28 participants, including Mayor Park Heong-joon, key City officials, Choi Geum-sik, Chair of the Shipbuilding and Marine Equipment Cooperative Association, and Lee Su-tae, President of the Council of Tenant Companies in the Busan-Jinhae Free Economic Zone, along with representatives of major tenant companies in industrial complexes in the Gangseo area, to broadly discuss difficulties faced by local businesses and innovation strategies.

This is the fourth roundtable, following the 1st round at the Jangan Industrial Complex (October), the 2nd round at the Myeongnye and Jeonggwan industrial complexes (November), and the 3rd round at the Busan Science, Gangseo Bogo, Pungsang, and Jisa 2 industrial complexes (December). Busan Metropolitan City is further strengthening a “tailored policy support system” based on on-site demand at industrial complexes by region.

Busan Metropolitan City recognizes industrial complexes as a core foundation of the local economy and continues to expand on-the-ground communication by directly inspecting industrial sites. By progressively broadening the scope of industrial complexes by region, the City is carefully listening to a wide range of on-site needs and concentrating its administrative capacity on reflecting them in policy.

Under the principle of “immediate review–immediate action,” Busan Metropolitan City has been swiftly advancing proposals received at the roundtables and continuously reflecting on-site input in policy, including: establishing a cybersecurity support plan for local companies, incorporating flexible sports facilities into the Jeonggwan Industrial Complex Youth Culture Center, and raising the interest subsidy rate for policy loans for small and medium-sized enterprises.

At today’s fourth roundtable, Busan Metropolitan City will focus discussions on measures to build a foundation for sustainable growth in industrial complexes in the Gangseo area and to improve working conditions, including improving traffic safety and public transportation access for industrial complexes, and laying the groundwork for growth in the shipbuilding equipment industry.

Busan Metropolitan City is pursuing practical, field-oriented support to ensure employment stability and ease management burdens for companies. The City is working to improve commuting conditions for workers while also strengthening support to reduce the burden of corporate cash flow management, focusing on creating a stable business environment.

In particular, starting this March, Busan Metropolitan City will pursue an expanded operation of “tailored commuter buses,” taking a comprehensive approach that considers usage conditions and traffic environments at industrial complexes by region, thereby enhancing commuting convenience for workers and easing companies’ burdens in workforce operations.

In addition, ahead of the Lunar New Year holiday, Busan Metropolitan City is taking preemptive financial support measures, including the early provision of policy financing totaling 140 billion won starting in early January, in consideration of the concentration of funding demand among small and medium-sized enterprises and small business owners. In particular, starting this year, to meaningfully ease the financial burden on small and medium-sized enterprises and small business owners, the City will raise the interest subsidy rate for policy financing, lower interest rates for funds to foster small and medium-sized enterprises, and expand overall support limits.

Mayor Park Heong-joon is expected to say, “The Mieum Industrial Complex and the International Industrial Logistics City are core industrial hubs in western Busan where manufacturing and logistics functions are concentrated, and they form a central pillar supporting Busan’s industrial competitiveness and export base,” adding, “Busan Metropolitan City will continue to stand as a reliable pillar for local industries through field-oriented administration that works with businesses at the closest possible distance, on the ground, to find solutions.”