BUSAN < invest Korea

Busan-si, which attracted two R&D centers of large corporations in the shipbuilding field last year, attracted the first R&D center for ship equipment in Korea.

Busan is transforming into a city that develops eco-friendly ships and cutting-edge ship equipment technology.

Busan-si announced that it will sign an MOU on the establishment of "R&D campus" with Oriental Precision & Engineering (OPCO), a shipping crane company, at City Hall on July 29.

Founded in Busan in 1980, Oriental Precision & Engineering manufactures shipping cranes and other ship structures, ranked 1st in the domestic ship crane market, and listed on the KOSDAQ.

Under the MOU, OPCO will build its own R&D center, for the first time as a Korean ship equipment company, on a 3,500 pyeong site in the research site of Eco Delta City.

The company will invest KRW 25 billion and hire more than 80 people, including technical researchers, by 2025.

The R&D campus will be devoted to developing new products and improving the performance of its main products, and will preemptively respond to eco-friendly ship orders.

The company made this investment decision with the goal of becoming the world's fifth-largest ship equipment company by focusing on research on localization of high value-added cranes and special cranes.

To attract the the investment of OPCO on the construction of the R&D campus, Busan-si removed various obstacles such as those related with the sales of industrial facilities in Eco Delta City, through cooperation with relevant organizations including the Ministry of Land, Infrastructure and Transport and the Korea Water Resources Corporation.

Busan's mayor said, "following the attraction of Samsung Heavy Industries and Hanwha Power System R&D centers last year, the OPCO's R&D Campus is expected to cause the 'butterfly effect' of attracting investment in Busan," adding, "we will continue to attract good companies to make Busan a city where companies invest and young people visit."

ccho@yna.co.kr

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Source: Yonhap News (July 29, 2024)