GO, GO, GO to Busan! ... Advanced Technology Companies Rush to Invest in Busan

Busan Signs MOUs with Four Eco-Friendly and Biotech Companies
Total Investment of 52 Billion KRW and Creation of 206 Jobs Bring New Vitality

Go, Go, Go to Busan! There is a surge of investment in Busan by cutting-edge technology companies.

The Busan Metropolitan Government (Mayor Park Hyungjoon) announced that at 11 a.m. on the 15th, it will sign investment memorandums of understanding with four companies, including future eco-friendly materials and biotech firms, for a total investment of 52 billion KRW, the creation and relocation of 206 new jobs, at the City Hall video conference room.

At the signing ceremony, Park Hyungjoon, Mayor of Busan, Yoon Jongchan, CEO of BMT Co., Ltd., Yoon Seongsik, CEO of Driveforce Co., Ltd., and Han Dongoh, Vice President of Simpleplanet Co., Ltd., are scheduled to attend and sign the memorandums in person.

BMT plans to invest 18.2 billion KRW and hire 40 new employees. As a KOSDAQ-listed company specializing in the manufacturing of fittings and valves, BMT completed the relocation of its headquarters from Yangsan, Gyeongnam to Busan in 2023 with support from the city, and has since achieved stable settlement and continuous growth. Fittings refer to products that connect pipes for transporting gases and fluids.

The company decided to establish a second factory near the New Material Industrial Complex in Gijang-gun, where its headquarters are located, to respond to the increased demand for eco-friendly ships due to strengthened global environmental regulations.

Through this agreement, BMT will invest 18.2 billion KRW in a 20,963-square-meter site and hire 40 new employees. BMT is expected to grow into a globally competitive company by continuously developing next-generation products. It is anticipated to play a key role in establishing Busan as a hub of the shipbuilding equipment industry.

Driveforce will invest 16.3 billion KRW and hire 43 new employees. Founded in Busan in 2019, Driveforce specializes in eco-friendly ship systems and is a rapidly growing company attracting significant attention.

The company provides one-stop services from development to manufacturing and after-sales management of electric and hybrid propulsion systems through a strategic partnership with Danfoss, a global energy solutions company.

Danfoss is an energy solutions company headquartered in Denmark, possessing world-class technology in power electronics and industrial automation.

This agreement will lead to further investment and job creation in the Southeast Radiation Medical Science Industrial Complex in Gijang-gun, marking a case where a company founded in Busan has grown without relocating outside the region.

Simpleplanet will invest 10 billion KRW and create 88 jobs through relocation and new hires. Headquartered in Seoul, Simpleplanet is a rapidly growing bio food tech company in the global alternative protein market, developing functional future food ingredients based on cellular agriculture technology.

Through this agreement, the company plans to relocate its headquarters to Busan and create investment and employment opportunities. The decision was mainly influenced by Busan's advantageous location for entering global markets, expanding domestic and international supply chains, and securing excellent talent.

Additionally, Fireball Co., Ltd., a manufacturer of automotive cleaning agents, will sign an investment memorandum to relocate its headquarters from Yangsan, Gyeongnam to the Orisan Industrial Complex in Gijang-gun. The company plans to invest 7.5 billion KRW and create 35 jobs.

With these investment agreements, Busan has succeeded in attracting a variety of companies, including reinvestment by relocated companies, new investments by rapidly growing startups, and headquarters relocations of R&D firms from the capital area, thereby strengthening the region's industrial base. The city plans to continue focusing on attracting future high-tech companies to secure new growth engines.

Park Hyungjoon, Mayor of Busan, stated, "Despite mutual tariffs with the United States and the unstable political situation in Korea, I thank the companies for making bold investment decisions in Busan." He emphasized, "We will establish a foundation for corporate growth through various customized support policies and actively support companies investing in Busan to become global leaders."