BUSAN < invest Korea

According to Yonhap News,

BUSAN, Oct. 28 (Yonhap) -- Busan city government plans to invest KRW 18.2 billion for three years in order to develop the traditional ocean industry into a new state-of-the-art industry.

It announced on Oct. 28 that Busan is making a call for project partners until Dec. 11 and that KRW 9.1 billion of central government budget and KRW 9.1 billion of municipal government budget will be invested in pilot projects carried out for regional development under an investment agreement.

A pilot project carried out for regional development under an investment agreement is a type of national balanced development project in which the regional government plans and manages the performance rather than being led by the central government.

Busan City proposed the “establishment of an ecosystem for innovative growth of the new industries of Busan, the future ocean city” at a call for projects made in early 2019.

The idea is to foster cutting-edge new ocean industry by spreading the state-of-the-art technologies owned by the public agencies specializing in ocean and fishery that had relocated to Dongsam Innovation District. Main project areas that were proposed include working with the Korea Ocean Satellite Center of the Korea Institute of Ocean Science and Technology (KIOST) in developing technologies related to private nano satellites used for ocean observation and their main payload, and developing ocean ICT using big data gathered from satellite information.

The city government hosts a project briefing session at the Crown Harbor Hotel on Oct. 29 in a bid to attract companies and universities that will participate in developing new industries and in training talents. Nine technology development projects will be selected and granted between KRW 50-100 million, and one startup will be selected and provided with KRW 30 million.

Three college departments related to machine parts, satellite technology and satellite information will also be selected and provided with subsidies.

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Source: Yonhap News (Oct 28, 2019)