Busan City Selected as an 'Outstanding Local Government' for Attracting Over 3 Trillion Won in Investment

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] Busan City was selected as an ‘Excellent Local Government’ in the local investment promotion project local government evaluation category at the ‘2022 Local Investment Academy,’ and will receive an additional 5% national subsidy rate incentive for local investment promotion subsidies.

The event is hosted by the Ministry of Trade, Industry and Energy and organized by the Korea Industrial Complex Corporation, and was held at 2 p.m. on the 30th at the Paradise Hotel in Haeundae, Busan.

Since the local investment promotion project was implemented in 2011, Busan City was selected for the first time as an excellent local government in the local investment promotion project evaluation.

As an excellent local government, Busan City will receive an additional 5% national subsidy rate incentive for local investment promotion subsidies throughout 2023.

The Busan City officials stated, “This achievement can be seen as a result of recognition for various investment attraction efforts, such as achieving the highest investment attraction performance ever and actively resolving corporate investment difficulties.”

This year alone, the city held two investment briefing sessions for companies in the metropolitan area and succeeded in attracting investments from companies in various industries such as steel, IT, and shipbuilding & marine, including POSCO Mobility Solutions, WINS, and AVEVA.

Additionally, by signing memorandums of understanding (MOUs) with 70 companies, the city achieved investment attraction worth 3 trillion won and created over 6,000 new jobs.

In particular, through regulatory improvements that resolved corporate investment difficulties, Busan is making every effort to attract companies, including confirming regional reinvestment by Reno Industry, the top semiconductor parts manufacturer in Busan’s market capitalization.

Mayor Park Hyung-jun said, “The reason we were able to be selected as an excellent local government in the local investment promotion project is because the city made efforts to provide customized support and follow-up management for investing companies so that companies investing in Busan can settle stably.”

He added, “Going forward, we will focus all our capabilities on creating an investment environment that is good for local companies to manage, along with attracting global companies and companies related to future new industries, to revitalize the stagnant local economy.”