Busan City and Dongmyeong University to Establish 'Busan Green Startup Town'

Agreement Signing for Cooperation at City Hall on the 11th at 10 AM... Mayor Park Hyung-jun and Dongmyeong University President Jeon Ho-hwan Attend

Dongmyeong University Provides Free Support for 30 Years, Offers Campus Land, Expands Startup Facili

The creation of the ‘Busan Green Startup Town,’ a startup hub space specialized in the green and digital sectors tailored to the region, is set to begin in earnest.

On the 11th at 10 a.m., Busan City announced that it signed a cooperation agreement with Dongmyung University (President Jeon Ho-hwan) at the City Hall International Protocol Room to build the Busan Green Startup Town on the Dongmyung University campus by 2026.

This agreement was reached as Dongmyung University responded positively to the city’s proposal to jointly promote the Busan Green Startup Town project to create a regionally specialized startup ecosystem.

Mayor Park Hyung-joon and President Jeon Ho-hwan of Dongmyung University are scheduled to attend the signing ceremony in person and sign the agreement.

The ‘Green Startup Town’ project, a national government-subsidized initiative by the Ministry of SMEs and Startups, aims to establish startup support infrastructure such as complex hub centers and startup support institutions in urban areas with relatively favorable living conditions and regional development potential to attract promising companies and young talent.

This year, the city was selected for this project and is promoting the ‘Busan Green Startup Town’ centered around Dongmyung University. Through this, it plans to create a regionally specialized startup ecosystem nurturing green and digital sector startups in the Bukhang area.

Upon signing this agreement, Dongmyung University will provide 2,000㎡ of its campus land free of charge for 30 years as the site for the Busan Green Startup Town and actively cooperate in expanding startup facilities and operating support programs.

With the secured site through this agreement, the city plans to invest a total project cost of 29 billion KRW to build the Busan Green Startup Town by 2026 and begin full-scale operations from 2027. This facility will play a pivotal role as a startup support complex hub center by providing research and development (R&D) support and operating startup support programs for the growth of startup companies and venture entrepreneurs.

Location map of Green Startup Town.

In particular, the city expects that the Busan Green Startup Town will create a sustainable startup ecosystem unique to Busan, focusing on marine industry, digital finance, and eco-friendly hydrogen fuel, by supporting ‘connection’ and ‘sharing’ among regional startup companies and various institutions in conjunction with the Bukhang redevelopment, Campus Innovation Park (Yongdang-dong), and Marine Industry Cluster (Uam-dong).

To ensure successful project implementation, the city has established an organic collaborative work system among the Ministry of SMEs and Startups, the Korea Institute of Startup & Entrepreneurship Development, Busan Technopark, and Dongmyung University.

Under the overall supervision of the Ministry of SMEs and Startups, the Busan City, Korea Institute of Startup & Entrepreneurship Development, Busan Technopark, and Dongmyung University will jointly prioritize the construction of the Busan Green Startup Town. In the future, they plan to expand connections with related startup organizations in the region to continuously create support programs for attracting and nurturing startup companies.

Mayor Park Hyung-joon said, “The Busan Green Startup Town will serve as a catalyst not only for revitalizing the regional venture startup ecosystem but also for Busan to lead the local era and leap forward as the second growth axis of South Korea. I sincerely thank Dongmyung University, a local university, for its active cooperation, which has enabled the official start of this project. I ask for continued support so that the Busan Green Startup Town can establish a unique and sustainable startup ecosystem exclusive to Busan.”