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Busan to invest KRW 3.1 tn in digital, energy, and bio and other strategic industries
On December 24th, Busan-si announced that it has established the "6th Comprehensive Plan for Strategic Industry Promotion (Master Plan 2024–2028)" , which is prepared every five years to foster regional industries and revitalize the local economy.
The 6th Comprehensive Plan for Strategic Industry Promotion selects 9 strategic industries in accordance with three major development directions under the vision of "Busan Industries Reborn, Big Challenge." The plan proposes industry-specific strategies, with an investment of KRW 3.1263 trillion by 2028.
The plan's objectives include creating 1 million quality jobs, achieving total regional exports of USD 20 billion, and raising the regional gross domestic product (GRDP) per capita to 40,000 USD by 2030.
First, digital, energy, and bio-health industries such as artificial intelligence (AI), big data, quantum, power semiconductors, nuclear power plant-based energy, secondary batteries, hydrogen energy, radiation medicine, and marine and pharmaceutical bio industries will be aligned with national high-tech development policies. Also, innovative technologies will be applied to regional universities and technology commercialization will be promoted.
The plan aims to overcome the limitations of existing traditional industries and advance them into future mobility, convergence parts materials, and lifestyle industries such as electric vehicles, eco-friendly smart ships, robots, smart manufacturing, shoes, fashion clothing, and blue food, and promote win-win growth in connection with local academic, industrial, and research institutions.
In addition, Busan plans to expand into specialized sectors such as marine, finance, and cultural tourism, leveraging its unique assets in tri-port logistics, shipping, port services, fintech, digital assets, films and video content, gaming, and conventions. The city aims to create an environment suitable for attracting global companies by developing opportunity development zones.
The city has selected 91 "Leading Companies for Strategic Industries" in 2025 that will drive Busan's nine strategic industries.
They are leading companies that will be at the forefront of the strategic industries suited to Busan's characteristics, moving beyond the industry development system focused on the Seoul metropolitan area.
Busan's mayor stated, "Busan, as one of the key pillars of Korea's growth, holds sufficient potential to become a global hub city. With this Plan, we will foster new industries for the future and build a foundation for world-class logistics, finance, and cultural tourism industries, ultimately creating a happy city for our citizens."
ccho@yna.co.kr
Source Text
** This article was translated from Korean.
Date
2025.01.02
Views
202
According to Yonhap News,
On December 24th, Busan-si announced that it has established the "6th Comprehensive Plan for Strategic Industry Promotion (Master Plan 2024–2028)" , which is prepared every five years to foster regional industries and revitalize the local economy.
The 6th Comprehensive Plan for Strategic Industry Promotion selects 9 strategic industries in accordance with three major development directions under the vision of "Busan Industries Reborn, Big Challenge." The plan proposes industry-specific strategies, with an investment of KRW 3.1263 trillion by 2028.
The plan's objectives include creating 1 million quality jobs, achieving total regional exports of USD 20 billion, and raising the regional gross domestic product (GRDP) per capita to 40,000 USD by 2030.
First, digital, energy, and bio-health industries such as artificial intelligence (AI), big data, quantum, power semiconductors, nuclear power plant-based energy, secondary batteries, hydrogen energy, radiation medicine, and marine and pharmaceutical bio industries will be aligned with national high-tech development policies. Also, innovative technologies will be applied to regional universities and technology commercialization will be promoted.
The plan aims to overcome the limitations of existing traditional industries and advance them into future mobility, convergence parts materials, and lifestyle industries such as electric vehicles, eco-friendly smart ships, robots, smart manufacturing, shoes, fashion clothing, and blue food, and promote win-win growth in connection with local academic, industrial, and research institutions.
In addition, Busan plans to expand into specialized sectors such as marine, finance, and cultural tourism, leveraging its unique assets in tri-port logistics, shipping, port services, fintech, digital assets, films and video content, gaming, and conventions. The city aims to create an environment suitable for attracting global companies by developing opportunity development zones.
The city has selected 91 "Leading Companies for Strategic Industries" in 2025 that will drive Busan's nine strategic industries.
They are leading companies that will be at the forefront of the strategic industries suited to Busan's characteristics, moving beyond the industry development system focused on the Seoul metropolitan area.
Busan's mayor stated, "Busan, as one of the key pillars of Korea's growth, holds sufficient potential to become a global hub city. With this Plan, we will foster new industries for the future and build a foundation for world-class logistics, finance, and cultural tourism industries, ultimately creating a happy city for our citizens."
ccho@yna.co.kr
Source Text
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Source: Yonhap News (December 24, 2024)
** This article was translated from Korean.