Park Heongjoon to Host the 50th Emergency Economic Countermeasures Meeting
50 Business Leaders, Experts, Academics, and Related Organization Heads to Attend
1,160 Participants, 396 Policies, and 7.2749 Trillion Won Secured
A venue has been prepared to announce the achievements of Busan's economic innovation accomplished through public-private cooperation and to discuss future strategies.
The Busan Metropolitan Government (Mayor Park Heongjoon) will hold the 50th Emergency Economic Countermeasures Meeting, presided over by Mayor Park, at 2 p.m. on the 27th in the main conference room at City Hall.
On this day, about 50 economic stakeholders, including Mayor Park Heongjoon, Busan Metropolitan Council Chairperson Ahn Seongmin, Busan Chamber of Commerce and Industry President Yang Jaesaeng, business leaders, experts from various fields, and heads of related organizations, will gather. At this event, they will review the achievements of Busan's economic innovation and discuss ways to continue expanding these efforts and strengthen cooperation.
The meeting will begin with Mayor Park's keynote speech on "Busan Economic Innovation Achievements and Leap Forward," followed by a policy presentation by Lee Joon, Vice President of the Korea Institute for Industrial Economics and Trade, titled "Advanced Strategic Industries and Busan's Path," and then proceed to participant opinions and a comprehensive discussion.
The Emergency Economic Countermeasures Meeting is an economic policy platform launched by the city to enable stakeholders, experts, and public institutions to participate in the policy-making process, develop measures to restore economic vitality, and ensure swift decision-making and execution.
This meeting has served as the central hub for policy planning and execution in the economic field, dealing with major economic issues such as recovery from the COVID-19 pandemic, revitalizing the local economy, overcoming crises in key industries, and responding to internal and external uncertainties since its inception in April 2021.
Busan Metropolitan Government has held a total of 50 meetings presided over by Mayor Park to drive innovation in Busan's economy.
The meetings have intensively addressed key issues driving Busan’s economic growth, ranging from support measures for small business owners, the tourism industry, and export companies, to fostering new growth industries such as digital and data industries, startups, the hydrogen industry, marine-aerospace convergence industries, and seafood tech industries.
To ensure the seamless implementation of major policies derived from these meetings, a total budget of 7.2749 trillion won has been allocated over the past four years to accelerate the recovery of economic vitality.
This meeting is noteworthy as it is based on the accumulated achievements of the Emergency Economic Countermeasures Meetings held from the first to the 49th session. The total number of participants, including experts, field stakeholders, and heads of related organizations who have taken part in the discussions, amounts to 1,160. The main achievements of the economic policies discussed at the meetings include 396 cases, categorized into: rapid response to economic shocks, strengthening the engine of innovative growth, and stabilizing the economic foundation and livelihoods.
In terms of rapid response to economic shocks, Busan Metropolitan Government has responded swiftly to internal and external economic shocks impacting the local economy through the Emergency Economic Countermeasures Meetings. Efforts have included the "Three No Special Fund" for small business owners, the "Busan Tourism Good Prepayment Project," additional emergency special guarantees for the shipbuilding industry, and expanded financial support for small and medium-sized enterprises, all aimed at preventing the spread of economic crises and enabling proactive responses.
For strengthening the engine of innovative growth, bold investments in the digital transformation of key industries and new growth sectors, as well as support for global growth, have reinforced Busan's innovation-driven economic engine. Achievements include attracting the largest-ever investment amount (6 trillion won) through the attraction of high value-added specialized companies, designation of Busan-style Opportunity Development Zones, establishment of the Busan-style RISE leading model, and improvement in rankings for the Smart Center Index (SCI) and the Global Financial Centers Index (GFCI).
In terms of stabilizing the economic foundation and livelihoods, efforts have been made to strengthen the self-sustainability of small business owners and SMEs, which form the backbone of Busan’s economy, and to promote stability in people’s livelihoods. Various policies have been devised and implemented to provide timely support, such as fostering star small business owners, supporting policy funds, and operating business closure assistance programs.
Busan Metropolitan Government plans to further strengthen the operation of its economic policy platform in the future to respond quickly to the rapidly changing economic landscape. The city will reinforce a field-oriented collaborative structure that enables various economic stakeholders in Busan to flexibly adapt to changing environments and enhance competitiveness, and will swiftly implement policies derived from the meetings.
Mayor Park Heongjoon stated, "I would like to express my gratitude to the city council, local business community, and experts from various fields who have united their efforts at the Emergency Economic Countermeasures Meetings to ensure the unwavering growth of Busan's economy," and added, "Through the public-private collaboration meeting system, we will strengthen region-led economic momentum, establish the southern region as an innovation hub, and do our utmost to help Busan leap forward as a global hub city."
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