Business Agreement for Establishing the Largest Knowledge Industry Center in Bu-Ul-Gyeong Region
[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Busan City is set to officially commence the development of office facility sites in the Myeongji District.
On the 26th at 10 a.m., Busan City will sign an investment agreement (MOU) for the successful promotion of the ‘Myeongji District Office Facility Sites (1, 2) Project’ with Meritz Securities (President Jang Won-jae), the representative company of the ‘Meritz Securities Consortium,’ Busan-Jinhae Free Economic Zone Authority (Director Kim Ki-young), and LH Busan-Ulsan Regional Headquarters (Head Jo Kyung-sook) at the 26th-floor conference room of Busan City Hall.
This project is a landmark development worth 1.7 trillion KRW to build large-scale knowledge industry centers aimed at attracting new growth and advanced industries, led by cutting-edge IT and bio-health innovation companies and R&D centers in the Myeongji International New City of the Busan-Jinhae Free Economic Zone. It also includes the construction of offices and officetels to improve the working environment for businesspeople and create global-level residential conditions to attract outstanding talent.
Attending today’s investment agreement signing ceremony (MOU) are Busan Mayor Park Hyung-joon, Meritz Securities President Jang Won-jae, Busan-Jinhae Free Economic Zone Authority Director Kim Ki-young, LH Busan-Ulsan Regional Headquarters Head Jo Kyung-sook, and more than 20 officials from institutions and companies. By signing the investment agreement, they pledge to strengthen trust among project participants and actively cooperate to successfully complete the project.
The Myeongji District Office Facility Sites (1, 2) project development, located in the Gangseo-gu area of Busan, received business proposals from three companies through a public recruitment process starting in May last year. Ultimately, in November, the ‘Meritz Securities Consortium,’ composed of Meritz Securities, Leading Investment & Securities, Bukook Securities, Eugene Investment & Securities, and ten companies including foreign investors, was selected as the preferred negotiation partner for the project. Currently, business negotiations and discussions on the project plan’s direction are underway.
Myeongji International New City, adjacent to Gadukdo New Airport and Busan New Port, is transforming into a world-class premium city that will be the core of new growth in the Southeast region in connection with Eco Delta City. The approximately 1.7 trillion KRW project aims to establish knowledge industry centers within Myeongji International New City to actively attract new growth and advanced industries such as bio-healthcare and advanced materials, parts, and equipment industries. It also focuses on constructing offices, officetels, and type 1 and 2 neighborhood living facilities to improve office environments and residential conditions for domestic and international investors and business stakeholders.
If this project development is successfully promoted, Myeongji International New City is expected to play a pivotal role in leading Busan’s new growth and advanced industries, centered around knowledge industry centers with a total floor area exceeding 200,000 pyeong.
Additionally, by attracting R&D centers researching data convergence, bio-health, artificial intelligence (AI), and other fields, the project is expected to create synergy effects and establish itself as a landmark for ventures and startups attracting young talent nationwide in the future.
Despite the current challenging economic conditions, Busan City, Meritz Securities Consortium, Busan-Jinhae Free Economic Zone Authority, and LH Busan-Ulsan Regional Headquarters plan to proceed with the project at a rapid pace, aiming to sign a business agreement in the first half of 2023 and commence construction by the end of this year through this investment agreement.
With the confirmation of the knowledge industry center construction, Myeongji International New City is drawing attention as a city where innovative transportation infrastructure linked to the Tri-port, education (such as Royal Russell School), culture (Nakdong River Art Hall), medical services, businesses, and jobs coexist, serving as a cornerstone for balanced development in Busan.
Jang Won-jae, President of Meritz Securities (representative company of the consortium), said, “We will actively strive to revitalize the local economy by employing local talent and utilizing local companies for external services during project implementation. We are pleased to have the opportunity to contribute to the development of the Busan region.”
Kim Ki-young, Director of the Busan-Jinhae Free Economic Zone Authority, stated, “Through this project, we believe Myeongji District will truly become an advanced international business city and is expected to promote economic growth in the western Busan area as a leading base for smart new industries in the Southeast region.”
Jo Kyung-sook, Head of LH Busan-Ulsan Regional Headquarters, said, “We will actively support the project by utilizing LH’s urban development experience and various know-how.”
Busan Mayor Park Hyung-joon expressed, “The development of Myeongji District is expected to serve as a catalyst for balanced development between east and west. We will open the era of western Busan in earnest through strategic complex development in the western Busan area, including digital industries, smart transportation, low-carbon and green environments, culture, and education,” emphasizing his commitment to balanced regional development.
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