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The 1st BJFEZA-KIN IT Forum “IT Valley in the BJFEZ”

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The 1^st BJFEZA-KIN IT Forum

“IT Valley in the BJFEZ”

 

Busan-Jinhae Free Economic Zone Authority and Korea IT Network organized an IT forum themed “New IT Valley in the BJFEZ” for IT companies specializing in technologies with shipbuilding, automobile and port logistics industries applications in the Busan and Gyeongnam area.

 

In efforts to establish an IT valley in the BJFEZ, the BJFEZ Authority (Commissioner: Kim, Moon Hee) held the 1^st IT forum on October 31 from 9:30 to 13:30 at the Paradise hotel in Haeundae, Busan. The forum was organized in cooperation with several KIN (Korean IT Network) member companies operating in Silicon Valley of the United States attended the forum.

 

The primary purpose of the forum was to sound out ways and strategies to develop a specialized IT valley in the BJFEZ through attracting both domestic and overseas IT companies which hold technologies with direct and indirect applications for general manufacturing industries in Korea’s southeastern area. The BJFEZ is at the center of the industrial belt of southeast Korea concentrating in port logistics, shipbuilding, automobiles, and machinery. Clustering IT companies with practical applications technologies for the region’s industrial core is crucial for future competitiveness.

 

The forum was presided by Seo-Jeong Lee, Professor of Korea Maritime University, and Sang-Kyu Park, General Manager of Aveva Korea, who made a presentation on “The background of Aveva’s advancement to Busan city.”  Aveva is a world renowned provider of design and engineering software for marine and plant industries headquartered in the United Kingdom.  Henry Wong, President of Garage 3S Fund, a venture capital company, active in the U.S. and China briefed guests on “Early stage technology investment for global transformation” based on his 28-year experience.  Professor Jeom-Kee Paik of Pusan National University (PNU) introduced “The Center of Excellence of Lloyd Research Education Trust (LRET) located at PNU.” This R&D center is run by Professor Paik and was selected by the LRET which will provide financial support of 1 million pounds over the next 5 years. The Ministry of Knowledge and Economy’s Director of Electronics & IT Policy Division, Su-Gue Ryu, explained “The Korean government’s New IT Stategy and Directions

 

The above presentations were followed by in-depth debates on the BJFEZ’s development strategies for the IT Valley among David Chang, Chairman of KIN, Kyu-Chul Kim, President of Busan IT Industry Promotion Agency, Seong-Kyu Lee , Director of Microsoft Korea, Tag- Gu Gwun, Director of Chang San IT Co., Ltd. and presenters.

Afterwards, an MOU was signed between the BJFEZ Authority and KIN, pledging business cooperation for mutual benefits in the area of attracting foreign IT companies.

 

The forum was a big success due to the active participation by several IT and venture capital companies operating in the Silicon Valley area, i.e. Connetcom, Garage Technology Ventures, Conifer Networks, 3S Fund, and Vantage Point Venture Partners, etc.  Approximately 100 people, mostly CEOs of IT companies in the Busan and Gyeongnam area, professors, and members of the press attended and actively participated in the debate contributing to the success of the forum.  There was a general agreement on the advantages of marrying IT technologies with specialized industries like logistics, shipbuilding and automobiles.  Given that the BJFEZ is an optimum center of clustering; the advantages of adding IT companies to the industry mix will create further synergies creating future markets and future revenue streams for existing and future firms in the BJFEZ.

 

The source of news : BJFEZ