2021 Busan Innovation Project Investment Direction Forum to be Held on the 2nd at 3 PM
Busan City Explores Region-Led R&D Investment and Development Directions
[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Busan City and the Busan Institute of Science and Technology Promotion (BISTEP) will hold the ‘2021 Busan Innovation Project Investment Direction Forum’ at 3 p.m. on the 2nd in the large conference room on the first floor of City Hall.
Measures to proactively respond to the government research and development (R&D) policy, which is shifting from government-led to region-led, will be discussed. The importance of establishing a self-directed investment direction suitable for the region is increasing to overcome the regional economic crisis such as the regional export shock caused by COVID-19. Busan is the only local government nationwide that has been establishing the ‘Busan Innovation Project Investment Direction’ since 2017.
The ‘2021 Busan Innovation Industry Investment Direction’ contains the key investment areas for research and development (R&D) for science and technology and industrial innovation in Busan next year, efficiency improvement measures, and detailed investment strategies for six major technology sectors. It is expected to be used as the basis for the ‘2021 Busan Research and Development (R&D) Budget Allocation and Adjustment’ scheduled for August.
Busan City and BISTEP, in line with the government’s research and development (R&D) investment direction, have presented basic directions such as ‘early overcoming of COVID-19,’ ‘recovery of the regional industrial ecosystem,’ and ‘improvement of citizens’ quality of life’ to revitalize Busan’s economy and realize citizens’ happiness. They have set four major fields and ten key investment directions to achieve these goals.
First, they aim to ‘strengthen innovation capabilities’ by nurturing talent to lead regional industrial science and technology, activating regional R&D specialized hubs, and promoting cooperation.
Second, to ‘restore vitality to the industrial ecosystem,’ they plan to support technology advancement and new technology development for key industries and small and medium-sized enterprises, and strengthen investment in the stable establishment and growth of the innovative startup ecosystem.
Third, with the goal of ‘realizing a smart health and safety city,’ investments will be made in smart environmental management for a clean city, healthcare technologies to enhance citizens’ health and vitality, and advanced urban infrastructure technologies to create a safe environment.
Lastly, various investments will be promoted to overcome the regional industrial crisis caused by COVID-19 and respond to related new industries.
In addition, to strengthen the investment foundation for innovation projects and maximize efficiency, plans include expanding government research and development (R&D) budget attraction, strengthening policy investment linkage, and enhancing project management to improve the efficiency of Busan City’s research and development (R&D) investment system.
This forum will proceed with BISTEP’s investment direction announcement, followed by a panel discussion and Q&A session composed of experts from industry, academia, and research institutes both inside and outside the region.
Byun Sung-wan, Acting Mayor of Busan, said, “Establishing the Busan Innovation Project Investment Direction means proactively responding to government policies while directly setting the research and development (R&D) investment direction led by the region for the development of the local industry and economy.” He added, “We expect that the combination of government policies and Busan’s investment direction will create great synergy for Busan’s development.”
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