Boosting the People's Economy... Busan City Holds Public-Private Joint Economic Meeting

Mayor Park Hyung-jun: "Rapid Changes in the Global Environment, Heightened Uncertainty Demand Infinite Responsibility"
Three Visions Presented:
Rebound of the Livelihood Economy,
Strengthening Growth Engines,
Leading Future Leaps

The Busan Metropolitan City's New Year economic policy direction has been set to invigorate the livelihood economy, strengthen growth engines, and lead future leaps forward.

Busan City (Mayor Park Hyung-jun) announced that on the 16th at 9 a.m., it held the '2025 Public-Private Joint Economic Meeting' in the city hall's main conference room, chaired by Mayor Park Hyung-jun, to discuss the 2025 economic policy direction together with economic organizations and related institutions.

This meeting was the first economic sector meeting of the year, serving as an opportunity to share Busan City's economic policy direction for this year and the policies of each institution to overcome the region's complex economic crisis and low growth.

More than 30 participants attended, including representatives from economic organizations, related institutions, financial institutions, Busan City's economic-related department heads, and heads of affiliated investment and foundation institutions, to conduct ▲ presentation of the city's 2025 economic policy direction ▲ sharing of major policies to revitalize the regional economy by related institutions ▲ listening to opinions and discussions.

On the 16th, Park Hyung-jun, Mayor of Busan, is conducting the meeting at the 2025 Public-Private Joint Economic Conference.

With uncertainties such as the inauguration of the Trump administration in the U.S. and domestic political situations expected to increase the household burden of Busan citizens, Busan City set its policy goal as "enhancing citizens' happiness through rapid economic recovery and innovative growth."

It proposed three visions: ▲ rebound of the livelihood economy ▲ strengthening growth engines ▲ leading future leaps.

Regarding the rebound of the livelihood economy, support will be strengthened to ensure a rapid recovery is felt.

To alleviate the management burden on small business owners caused by accumulated high interest rates, support will be provided through 180 billion KRW scale 'Vitamin Plus (PLUS) policy funds' and efforts will be made to foster self-sustainability through revitalizing commercial districts and promoting growth into innovative entrepreneurs.

Additionally, the budget for business closure assistants will be expanded to up to 4 million KRW per business to reduce the burden of closure for small business owners and provide swift support for re-starting businesses.

Support for management stability of small and medium enterprises, promotion of digital transformation, and active support for technology commercialization will be provided, especially focusing on expanding and nurturing anchor companies with growth potential to respond timely to industrial changes.

A new plan to support logistics costs of export companies up to 3 million KRW will be established to actively assist companies' overseas expansion through export crisis management and support for entering the global market. Support for vulnerable groups such as low-income self-employed, workers, and youth, which are essential for economic livelihood security and job creation, will also be increased.

Regarding strengthening growth engines, the plan is to create an ecosystem for new industries such as digital industries based on ICT new technologies like AI and quantum computing, future mobility, and power semiconductors, while further strengthening the energy transition foundation. Also, with the full-scale promotion of Centum 2 District, an advanced ICT convergence knowledge-based service industry valley will be developed.

Busan City plans to promote strategic investment attraction centered on specialized companies in future new industries and establish a foundation for regional economic vitality through the third designation of opportunity development zones and expansion of free economic zones. Furthermore, with the launch of the Busan Technology Startup Investment Foundation, future growth venture funds, and the creation of a global startup hub in Busan, the city plans to support startups, the core of economic dynamism, to grow into global unicorn companies.

Regarding the vision to lead future leaps, through the full-scale promotion of the Busan-type RISE project, a sustainable industry-academia cooperation growth model will be created, and global creative talents will be nurtured by fostering field-oriented practical talents based on corporate demand and attracting foreign international students.

This year, the construction of Gadeokdo New Airport is expected to accelerate, invigorating the regional economy, and through the development of the airport complex city, Busan plans to develop into an international business hub city.

Along with the completion of the third phase of the Busan International Financial Center, the relocation of the Korea Development Bank will be continuously promoted to strengthen the financial hub functions.

Busan City plans to strengthen the driving force for all policies by emphasizing the necessity of enacting the Special Act on Global Hub Cities and will strive to induce pan-governmental support and expand citizen consensus for this purpose.

Mayor Park Hyung-jun said, "As the global trade environment rapidly changes and uncertainties surrounding our economy, such as the inauguration of the new U.S. administration and domestic political situations, are greater than ever, I ask all institutions including the city to work with infinite responsibility to ensure that the policies discussed today are implemented without setbacks."

The mayor emphasized, "If we push forward the policy tasks included in this year's economic policy direction as quickly as possible, especially accelerating those related to livelihoods faster than the existing schedule to increase citizen awareness, and concentrate all policy capabilities, this year will be remembered as a year that turned crisis into opportunity."