Nine Organizations Including Korea Securities Depository Deliver Joint Fund to Revitalize Busan Economy

Busan Economic Revitalization Support Fund (BEF) Raises 1.17 Billion Won
Supporting Social Economy Enterprises and Small and Venture Businesses

Korea Securities Depository held a ceremony on the 17th at the Busan International Finance Center (BIFC) to deliver the Busan Economic Revitalization Support Fund (BEF) together with nine organizations in the Busan area, and presented a total of 1.17 billion won to the entrusted institutions, the Social Innovation Research Institute and the Busan Economic Promotion Agency.

The BEF is a joint fund established by nine organizations in the Busan area?Korea Technology Finance Corporation, Busan Metropolitan City Corporation, Busan Port Authority, Korea Housing and Urban Guarantee Corporation, Korea Southern Power, Korea Securities Depository, Korea Asset Management Corporation, Korea Housing Finance Corporation, and Korea Ocean Business Corporation?to revitalize the Busan economy and promote the spread of ESG management. It was launched in 2018 with the aim of supporting social economy enterprises and has since expanded its scope to include local small and venture businesses.

Korea Securities Depository held a ceremony on the 17th at the Busan International Finance Center (BIFC) to deliver the Busan Economic Revitalization Support Fund (BEF) together with nine organizations in the Busan area. Korea Securities Depository

This year, each organization contributed 130 million won, bringing the cumulative total of the fund to 8.68 billion won to date.

The fund raised this year will be used to select 37 companies in the social economy sector and support: nurturing social startups that address social issues; operating programs to create social value; supporting overseas expansion; and assisting businesses that solve social problems based on open-source solutions.

In addition, there are plans to implement projects that strengthen the self-reliance capabilities of young adults preparing for independence, people with developmental disabilities, and vulnerable groups, and to connect them to local employment opportunities.

In the small and venture business sector, 29 companies will be supported through ESG consulting and facility support, R&D commercialization funding, and IR pitching competitions. Alongside this, the organization plans to expand the export base of local small businesses by holding the World Korean Business Forum and export consultation meetings, as well as dispatching trade delegations.

Previously, in the previous year, the BEF supported 67 companies in the social economy and small and venture business sectors, resulting in an increase of 35.3 billion won in sales, the creation of 341 new jobs, and the relocation of two out-of-region companies to Busan.

The Social Innovation Research Institute, which is entrusted with the joint fund's operation, stated, "We will operate the BEF effectively to support the creation of social value and innovative growth of enterprises, in response to the social expectation that we must simultaneously solve social problems and achieve corporate innovation."

The Busan Economic Promotion Agency commented, "We hope that collaboration with public institutions will serve as an opportunity for local small businesses to achieve innovative growth," adding, "We will work to successfully implement this year's projects and contribute to revitalizing the local economy."