Nine Public Institutions Including BPA Deliver 1.17 Billion Won to Busan Economic Vitalization Fund

Supporting the Growth of Social Enterprises and SMEs Practicing ESG

On the 20th, nine public institutions, including Busan Port Authority (BPA, President Kang Junseok), delivered 1.17 billion KRW in project funds for the 2024 ‘Busan Economic Vitalization Support Fund (BEF)’ to the entrusted management agency at the Busan International Finance Center (BIFC).

The nine participating organizations are Korea Technology Finance Corporation, Busan Metropolitan City Corporation, Busan Port Authority, Korea Housing & Urban Guarantee Corporation, Korea South-East Power, Korea Securities Depository, Korea Asset Management Corporation, Korea Housing Finance Corporation, and Korea Ocean Business Corporation.

BEF is a project established by nine local public institutions, including Busan Port Authority, since 2018 to support sustainable management growth by forming a joint fund (Busan ESG Fund) with the aim of revitalizing the local economy and creating jobs through the spread of ESG management.

This year, as in the previous year, support will be expanded not only to social economy enterprises but also to small and venture businesses.

In the social economy enterprise sector, the Social Innovation Research Institute is entrusted with the project, while the Busan Center for Creative Economy and Innovation is responsible for the small and venture business sector, discovering and supporting outstanding local companies leading ESG management.

Of the 1.17 billion KRW fund raised this year, 520 million KRW will be used to support social economy enterprises through initiatives such as ▲social performance compensation ▲support for social startups and fostering social entrepreneurs ▲linking projects utilizing public institution resources ▲support for youth preparing for independence in employment and entrepreneurship.

Additionally, 650 million KRW will be allocated to support local small and venture businesses and startups practicing ESG management through ▲voucher support ▲accelerating business commercialization ▲Busan-style ESG open innovation projects, and more.

In particular, this year, support will be provided for participation in overseas exhibitions and attracting local buyers and investment, as part of efforts to help social enterprises and startups expand globally.

To develop solutions for local issues such as youth outmigration and loneliness among single-person households, there are also plans to collaborate with private companies such as SK E&S, Underdogs, and Starbucks to develop Busan-style social services.

Kang Junseok, President of Busan Port Authority, stated, "Now is the time for us all to join forces to solve the various challenges facing our local community," adding, "Busan Port Authority, together with the private sector, public sector, and government, will continue to promote various projects to vitalize the local economy and create sustainable jobs, striving for mutual growth with the community."

Last year, BEF supported 30 companies through various initiatives, achieving results such as ▲an 8.2 billion KRW increase in sales ▲51 new hires ▲5 billion KRW in investment attraction ▲relocation of five companies from outside the region to Busan, establishing itself as a leading example of regional economic revitalization through public institution collaboration.