"Busan Economic Revitalization"... Nine Public Institutions Including Busan Port Authority Deliver 1.17 Billion Won

Support for 66 Companies This Year,
Cumulative Fund Reaches 8.68 Billion Won Over Eight Years

Busan Port Authority (BPA), led by President Song Sangkeun, held a ceremony on the 17th at the Busan International Finance Center (BIFC) to deliver the Busan Economic Revitalization Support Fund (BEF) together with eight organizations from the Busan area, handing over a total of 1.17 billion won to the entrusted institutions.

The delivered fund was allocated to the Social Innovation Research Institute and the Busan Economic Promotion Agency. This fund will be used in the future to support social economy enterprises as well as small and venture businesses.

Organizations participating in the ceremony included Korea Technology Finance Corporation, Busan Metropolitan Corporation, Korea Housing & Urban Guarantee Corporation, Korea Southern Power, Korea Securities Depository, Korea Asset Management Corporation, Korea Housing Finance Corporation, and Korea Ocean Business Corporation.

Since its launch in 2018, the BEF has expanded its support scope, focusing on local social economy enterprises. This year, each participating organization contributed 130 million won, bringing the cumulative fund amount to 8.68 billion won to date.

This year’s fund will be distributed to a total of 66 companies. In the social economy sector, 37 companies were selected for programs such as nurturing social startups that address social issues, operating social performance creation programs, and supporting overseas expansion. In the small and venture business sector, 29 companies will be supported through ESG consulting, R&D commercialization funding, and IR pitching competitions.

In addition, programs to help self-reliance of young people preparing for independence, people with developmental disabilities, and vulnerable groups are being promoted, along with export consulting sessions and trade missions to expand overseas market entry for local small and medium-sized enterprises.

Song Sangkeun, President of Busan Port Authority, stated, "I hope that the delivery of this BEF fund will serve as a foundation for the growth of local small and venture businesses as well as social economy enterprises," adding, "We will take the lead in creating local jobs and spreading ESG practices."

Busan Port Authority (BPA) held a ceremony on the 17th at the Busan International Finance Center (BIFC) to deliver the Busan Economic Revitalization Support Fund (BEF) together with eight organizations from the Busan area.