Busan's Dream, Quantum Initiative Begins... 'Global Quantum Complex Construction' Project Briefing Held

2 PM on the 7th at City Hall, Busan City, Heinz, and KQC Attendance

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] “We will proceed more firmly and swiftly with Busan City's plan to create a quantum computing ecosystem!”

This was the pledge made by Mayor Park Hyung-jun when Jay Gambetta, Vice President and Head of Quantum Computing at IBM in the United States, visited Busan last July.

On the 7th at 2 p.m., Busan City held the ‘Global Quantum Complex Construction Project Report Meeting’ in the 7th-floor video conference room of City Hall and announced the launch of ‘Busan's Quantum Initiative (leading quantum computing).’

Busan City Hall.

The report meeting was attended by Mayor Park Hyung-jun, Raymond Lowler, Head of the Asia-Pacific Regional Headquarters of Heine, Kwon Ji-hoon, Chairman of Korea Quantum Computing Corporation (KQC), and other related officials.

The ‘Global Quantum Complex Construction’ project involves ▲ research, education, and software development utilizing quantum computers ▲ concentration and promotion of related startups ▲ and the construction of business and convenience facilities by building a state-of-the-art business and research complex on the BEXCO auxiliary facility site (1502 U-dong, Haeundae).

So far, Busan City has been steadily laying the groundwork for creating a quantum computing ecosystem.

In particular, after the ‘Sale Plan for the Haeundae BEXCO Auxiliary Facility Site’ was passed by the Busan City Council in October last year and the sales contract for the site was signed on January 16 of this year, Busan City's grand plan to create the ‘Global Quantum Computing Complex (construction starting in 2024, scheduled for completion in 2027),’ which will become a landmark in Asia, is expected to accelerate rapidly.

The sale price for the site is approximately 189 billion KRW, and ownership is expected to be transferred after full payment within this year.

The site, as an auxiliary facility of BEXCO, had previously seen attempts such as a private investment project by Hyundai Department Store and a hotel project by the Japanese company Sega Sammy, which were eventually canceled. Subsequently, the site went through several failed bidding processes, remaining unused for over a decade despite being the most valuable land owned by the city, making it one of Busan City's biggest challenges.

In response, Busan City has been planning since early last year to transform the site, originally intended to support the MICE (Meetings, Incentives, Conferences, and Exhibitions) industry such as hotels and tourism, into a global business office facility centered on quantum computing through a change in perspective.

First, Busan City signed business agreements with Heine, a global real estate investment and development company from the United States; IBM, a leader in quantum computing; and Korea Quantum Computing Corporation (KQC), a company specializing in the commercialization of quantum computing. Additionally, the IBM Quantum Computing Hub Center, which connects to IBM's quantum computer in New York via cloud, was opened on the Centum Campus of Dongseo University, steadily laying the groundwork.

Quantum computers are known as ultra-high-speed computing machines that can solve problems that would take supercomputers 10,000 years in just 200 seconds.

In October last year, the Royal Swedish Academy of Sciences' Nobel Committee selected three quantum physicists who made quantum computer development possible as joint recipients of the 2022 Nobel Prize in Physics. This recognition by the Nobel Committee signifies the arrival of the ‘Quantum Era’ and is evidence of why global ICT companies such as IBM and Google are fiercely competing to develop quantum computers and secure market dominance.

Mayor Park Hyung-jun said, “I believe the day is near when quantum computers will upgrade human civilization beyond the digital era transition.” He added, “Today marks the start of Busan's Quantum Initiative, and at the same time, we plan to attract large-scale capital of approximately 1.3 trillion KRW to the long-unused public property site and promote the settlement of global companies, making it a new growth engine for Busan's economy centered on the ICT new industry.”