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Mayor Park Heong-joon: “Change Begins with Companies and the Field!”… Busan Metropolitan City Holds Innovation Growth Meeting for West Busan Smart Valley

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Busan Metropolitan City (Mayor Park Heong-joon) announced that it will hold the “6th Corporate Innovation Growth Relay Meeting” with companies from West Busan Smart Valley today (3rd) at 2:30 p.m. in the main conference hall of the Busan Seafood Platform in Saha-gu.

The meeting will be attended by approximately 20 company representatives from West Busan Smart Valley, including Mayor Park Heong-joon, key city officials, and Kim Yoon-gi, Chairman of the West Busan Smart Valley Management Corporation, to broadly discuss corporate challenges and innovation strategies in the region.

At the sixth meeting, discussions will focus on measures to strengthen the growth foundation of West Busan Smart Valley and improve working conditions, including ▲improvements to the industrial complex environment and infrastructure ▲enhancement of transportation and parking conditions ▲support for workforce supply and field-oriented training.

The city is further strengthening a “customized policy support system” based on on-site demand across industrial complexes by region and is actively promoting “field-centered administrative innovation” to enhance the competitiveness of industrial complexes, the foundation of Busan’s economy. It is concentrating administrative capacity to carefully gather diverse on-site opinions and translate them into tangible policy outcomes.

The city has reviewed suggestions received from the first through fifth meetings and continues to reflect on-site feedback in policy, including ▲establishing a cybersecurity support plan for local companies ▲incorporating flexible sports facilities into the Jeonggwan Industrial Complex Youth Culture Center ▲increasing interest subsidy rates for SME policy funds ▲support for export-driven companies.

In addition, the city is pursuing a structural reform to completely redesign the industrial complex attraction industry system for the first time in 46 years nationwide and plans to apply for the 2026 Cultural Leading Industrial Complex initiative to leap forward as a future-oriented complex space that integrates culture, arts, and youth vitality.

The restructuring will be implemented based on phased, industry-specific, and regional strategies that reflect the opinions of tenant companies. The functions and attraction industries of industrial complexes will be reviewed every five years to respond to changes in the industrial environment and improve the investment environment for businesses.

If selected as a Cultural Leading Industrial Complex, the city plans to promote seven themes that organically combine youth, culture, and industrial innovation.

Furthermore, in response to increasing global uncertainty stemming from the situation in the Middle East, the city is focusing administrative efforts on minimizing corporate damage.

On March 4, the city held an “Emergency Inspection Meeting on the Middle East Situation” to closely examine corporate damage and expanded support by providing a KRW 350 billion “Special Fund for Responding to Global Risks” and KRW 2.3 billion in assistance for export companies, including overseas logistics costs and export insurance premiums.

Through the “Region-Specialized Job Program,” the city is supporting employment stability and strengthening growth drivers in small and medium-sized manufacturing industries by providing hiring incentives, recruitment-linked environmental improvements, and innovation growth support.

In addition, to strengthen a virtuous cycle in the local economy, the city plans to promote policies encouraging both public and private sectors to increase the use of locally produced goods, aiming to achieve a 70 percent regional product purchase rate.

Mayor Park Heong-joon stated, “West Busan Smart Valley will be reborn as an excellent model of an advanced smart industrial complex where industry, environment, and people are in harmony,” adding, “We will do our utmost to ensure it becomes a game changer that transforms the landscape of Busan’s manufacturing industry.”