Busan is good

Joint Investment Attraction for the Southeastern Maritime Capital Region Gains Momentum… Ministry of Oceans and Fisheries, Busan, Ulsan, Gyeongsangnam-do, and Chambers of Commerce Sign Win-Win Cooperation Agreement

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Busan Metropolitan City, led by Mayor Chun Jae-soo, announced that it will sign a Win-Win Cooperation Agreement for the Development of the Southeastern Maritime Capital Region and Promotion of Joint Investment Attraction with the Ministry of Oceans and Fisheries, Ulsan Metropolitan City, Gyeongsangnam-do, and the Busan, Ulsan, and Gyeongnam Chambers of Commerce at 4:30 p.m. tomorrow, August 13, in the Grand Ballroom of Commodore Hotel Busan in Jung-gu.

The signing ceremony will be attended by Mayor Chun Jae-soo, Minister of Oceans and Fisheries Hwang Jong-woo, Ulsan Mayor Kim Sang-wook, Gyeongsangnam-do Governor Park Wan-soo, and the presidents of the Busan, Ulsan, and Gyeongnam Chambers of Commerce, among others. They will publicly affirm their commitment to cooperation in developing the Southeastern Maritime Capital Region and jointly attracting investment.

The agreement is a follow-up measure to the government’s Development Strategy for the Southern Maritime Capital Region, announced in May. It was established to bring together the central government, local governments, and the business community to develop the southeastern region into an integrated maritime economic zone and expand efforts to attract investment from domestic and international companies.

In particular, the agreement is significant in establishing the first interregional cooperation framework involving the Ministry of Oceans and Fisheries, the local governments of Busan, Ulsan, and Gyeongsangnam-do, and the regional chambers of commerce in Busan, Ulsan, and Gyeongnam. The framework is intended to enhance the southeastern region’s competitiveness in attracting investment and lay the foundation for sustainable growth.

Under the agreement, the participating organizations will actively cooperate in developing the Southeastern Maritime Capital Region and establishing a joint investment strategy; fostering future growth industries, including maritime and maritime-related industries, Manufacturing AI (M.AX), and digital transformation (DX); improving regulations and systems to promote investment attraction; jointly holding domestic and international investor relations events and building a global investment attraction network; and jointly promoting the Maritime Capital Region.

The agreement marks a meaningful step toward connecting Busan, Ulsan, and Gyeongsangnam-do as a single maritime economic zone in preparation for the era of Arctic shipping routes, jointly pursuing the shared vision of a Maritime Capital Region, and opening a new chapter in mutually beneficial cooperation.

In particular, the participating organizations plan to further strengthen the competitiveness of the southeastern region through substantive cooperation, including the establishment and promotion of a joint investment attraction strategy, and develop the region into a new growth engine for Korea’s maritime industries.

Through cooperation among the central and local governments and the business community, Busan Metropolitan City plans to build a maritime industrial ecosystem integrating maritime administration, ports and logistics, manufacturing, energy, finance, and research and development (R&D). The city will also strengthen cooperation with relevant organizations so that the southeastern region can grow into Korea’s leading Maritime Capital Region for investment by global companies.

Following the agreement, the city will fully launch an investment attraction strategy in cooperation with the regional chambers of commerce and hold investment attraction workshops for domestic and international companies to promote investment in the southeastern region.

Mayor Chun Jae-soo said, “This agreement marks an important starting point for Busan, Ulsan, and Gyeongsangnam-do to grow together as a single maritime economic zone. Through close cooperation among the central government, local governments, and the business community, we will develop the southeastern region into Korea’s Maritime Capital Region leading the era of Arctic shipping routes and make it an investment hub sought out by global companies.”