BUSAN < invest Korea

According to Yonhap News,

(BUSAN=Yonhap News) Busan is building a disaster safety industry support center by 2022, in hopes of making the city a regional base for fostering the safety industry.

On June 25, the city announced it was able to attract the Ministry of Trade, Industry and Energy's project to establish a platform for the commercialization of safety technology and will begin a 5-year project to build the center. The project will cost KRW 18.7 billion (KRW 6 billion in national expenditure, KRW 10.4 billion in municipal expenditure and KRW 2.3 billion in private funding).

The 6-floor center will be built at a drainage station in Suan-dong, Dongnae District and will be equipped with over 30 different kinds of equipment for disaster safety testing and certification.

According to the Korea Institute for Industrial Economics & Trade, the global market for the safety industry was worth USD 280 billion in 2013 and is projected to grow at an annual average of 6.7% to reach USD 540 billion in 2023.

Busan City plans to develop the safety industry as one of the region's new growth industries and already established a comprehensive plan for developing the disaster safety industry in the beginning of this year.

The project for building a platform for the commercialization of safety technology includes establishing infrastructure and a support system for the technological advancement of safety products, testing and certification. The program also involves fostering SMEs in the industry.

The city also expects to be able to build testing equipment and a big data analytics system for disaster safety to support the development and certification of new products.

Moreover, the city hopes such projects will have a ripple effect in promoting technological developments in other industries by securing promising technology for the commercialization of promising R&D.

Busan City is leading the country's disaster safety industry. In August 2015, the city established a safety industry team in August 2015 for the first time in Korea and then enacted ordinances on the development and support of the disaster safety industry in November 2016.

joseph@yna.co.kr

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Source Text

** This article was translated from Korean.

Source: Yonhap News (June 25, 2018)