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Busan Metropolitan City and Hanwha Ocean Sign MOU to Establish an Additional Busan Engineering Center

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Busan Metropolitan City (Mayor Chun Jae-soo) announced that it will sign a memorandum of understanding (MOU) with Hanwha Ocean today (October 21) at 3:00 p.m. in the video conference room at Busan City Hall to establish an additional Busan Engineering Center.

Mayor Chun Jae-soo, Hanwha Ocean President Jung In-sub, and other representatives are scheduled to attend the signing ceremony to discuss investment cooperation and sign the MOU.

Under the agreement, Hanwha Ocean plans to invest at least KRW 13.6 billion to establish an additional Busan Engineering Center covering approximately 2,700 pyeong (8,926 square meters) in the Bujeon-dong area of Busanjin-gu, Busan. The company also plans to recruit new professionals specializing in design and R&D for commercial vessels and offshore plants by 2028.

The investment is intended to expand Hanwha Ocean's design and R&D capabilities in Busan, building on the achievements of its existing engineering center, which was established in Jung-gu, Busan, in 2025 and remains in operation.

Through the operation of its existing center, Hanwha Ocean has confirmed the availability of skilled technical professionals and a stable talent pipeline in Busan. Based on these findings, the company decided to establish the additional center to develop Busan into a major hub for design and R&D.

Busan Metropolitan City expects the establishment of the new Hanwha Ocean center to go beyond simply expanding research facilities and serve as a catalyst for industrial restructuring by attracting highly skilled R&D professionals and companies' core technological functions, previously concentrated in the Seoul metropolitan area, to Busan.

The City anticipates that the investment will create more opportunities for technological cooperation with local shipbuilding and maritime companies and research institutions while contributing to the development of an industrial ecosystem that supports the green and digital transitions.

The investment is also expected to broaden the foundation for growth in high-value-added, knowledge-based industries focused on researching and designing future vessel technologies.

The agreement is also significant in that it will expand opportunities for local talent to develop professional expertise and establish long-term careers in Busan.

The increase in specialized jobs in design and R&D is expected to provide young people with more employment options and help establish a virtuous cycle in which graduates of local universities find employment at local companies and settle in the region.

Building on the establishment of the existing center and this additional investment, Busan Metropolitan City plans to expand its investment attraction efforts beyond the shipbuilding and maritime industries to related knowledge-based service industries and emerging industries of the future.

The City intends to advance Busan's industrial structure by attracting companies' core technological functions, including design and R&D.

Mayor Chun Jae-soo stated, "Hanwha Ocean's latest investment will help strengthen Busan's shipbuilding and maritime industrial base and create a virtuous cycle in which local young people and talented professionals can work, develop their careers, and thrive in Busan."

He added, "We will do our utmost to support corporate innovation so that Busan can grow into a world-leading hub for shipbuilding and maritime R&D, and to ensure that this investment proceeds smoothly and as planned."