The 2009 IT Expo Busan, an international IT exhibition designed to herald U-city Busan and further develop the city’s IT industry, will be held at BEXCO in Haeundae for four days from Sept. 2. Under the slogan of Ubiquitous is Full, about 170 large IT companies and provincial-based firms will display their goods and technology at 500 booths at the international event. It is expected to attract more than 100,000 visitors. Participating companies are expected to boast of their advanced technology and equipment, including information infrastructure base facilities, mobile communication, ubiquitous solutions, home network solutions, and digital content.
In particular, Robot World Busan 2009 will be held along with the 2009 IT Expo Busan, making the event the nation’s biggest festival that all Korean citizens and foreign visitors can enjoy. “The 2009 IT EXPO Busan is expected to offer various demographics, including general citizens, students, businessmen and foreign visitors, with a good chance to recognize the importance of the IT industry and enhance their understanding of a U-city,” said Busan Metropolitan City Mayor Hur Nam-sik.
Huh said that the IT EXPO Busan will be the biggest place for business in the southeastern area of the nation, greatly contributing to the increasing sales of IT enterprises and developing the regional economy. “We plan to develop the IT EXPO Busan into a professional exhibition event boasting the best brand in Asia, enabling the city to grow as the mecca of the IT industry in Asia,” said the mayor. Noting that Busan had focused its efforts on quantitative expansion until 2008, he said that the city will place its emphasis on strengthening international competitiveness from 2009 through differentiation and robust growth. “To this end, we will invite more domestic and foreign buyers to the international event and bolster support for participating companies through investment explanatory meetings and frequent consultation meetings for buyers,” said Hur. “We are looking forward to your active participation and interest in this promising event. It is a place for business and networking opportunities with many advanced and upgraded programs to fit your particular business needs,” said Hur.
Plan to Attract Summer Olympic Games
“Busan will make all-out efforts to host the 2020 Summer Olympic Games, while carefully watching many variables concerning the Olympic Games both at home and abroad,” said Hur. “At present, the possibility is high that Chicago in the US will host the 2016 Summer Olympic Games thanks to the Obama effect. The 2020 Summer Olympic Games will be held in Asia, and Busan is one of the strongest candidates to host the international event,” he said.
To attract the Olympic Games, Busan will make full preparations by concentrating Busan citizens’ capabilities and spreading the consensus on attraction of the Games among Korean people, he said. As concrete steps, Busan will expand city-based facilities, including wide-area traffic networks, and upgrade the status of Busan as a top-class international sports city, said the mayor.
Attraction of Foreign Investment
Busan is strengthening competitiveness of the regional economy through active attraction of world-renowned foreign companies. Thanks to such active efforts, foreign direct investment in Busan expanded by 8.4 percent from US$403 million in 2007 to US$437 million in 2008.
In particular, foreign investment has been concentrated on automobiles, machines and parts, which are closely linked with key industries, greatly contributing to bolstering international competitiveness of the regional industry and activating the regional economy. “To accelerate foreign investment in high value-added industries in Busan, we will persistently expand the industrial estates exclusively for foreign investors,” said Hur.
Related to this, Busan signed a memorandum of understanding (MOU) with foreign investors on US$70 million investment in the Hwageon Foreigners Investment Zone. The city is also creating an industrial estate exclusively for foreign parts and materials companies in the Mieum Foreigners Investment Zone. In the near future, it also plans to build a zone for foreign investors in the Gangseo International Industrial Logistics City.
“As a means of attracting top foreign enterprises, Busan is also developing and offering various incentives, including taxational support, to foreign investors,” said the mayor. Among the incentives given to foreign investors are tax cuts for corporate, acquisition and registration taxes, financial support for 30% of the purchasing price of land, payment of employment subsidies up to W200 million (US$163,600), and a maximum of W200 million of subsidies for educational training. “Along with this, we are making a strong push for the improvement of environment for foreign investors by building schools for their children and top-class medical institutions,” said Hur.
The following is main content of the interview with Busan Metropolitan City Mayor Hur Nam-sik:
Q: Would you introduce the role of Busan City to activate state and regional economies
A: For the first time among local governments, Busan City established a comprehensive economy briefing room in October last year. In January this year, we expanded the briefing room to be the Busan Economy Revival Comprehensive Briefing Room to carry out various steps for the recovery of the regional economy.
First of all, we extended financial supportamounting to W941 billion [US$769.7 million] to small and medium sized companies and retailers. At the same time, we are continuously expanding industrial estates to solve problems stemming from the shortage of industrial lots. Besides, we plan to develop Munhyeon Innovative District, which was designated as a financial center, into a hub of ocean and derivatives financing in Northeast Asia.
Q: Do you have any plan for further development of Busan City in the future
A: We will actively push ahead with Busan’s top 10 vision projects this year to make Busan an ocean capital city of the era of Northeast Asia and a logistics hub of Northeast Asia.
First of all, we will build an international industrial logistics city near Busan New Port. It will also spend a total of W2.03 trillion (US$1.66 billion) for redevelopment projects in Bukhang. In 2015 when the redevelopment project is completed, Busan Port will be reborn as a gateway of Eurasia linking the continent and ocean and a stronghold of international business and ocean tourism.
Among other projects actively being pushed by Busan City are development of Busan New Port, creation of Munhyeon Financial Estate, construction of Northeast Asia’s No. 2 hub airport, and the building of a center of movies and tourism in Asia.
