Busan City and Korea Development Bank Sign MOU for Joint Development of Power Semiconductor Specialized Complex

10 a.m. on the 23rd at City Hall, attended by Mayor Park Hyungjun and Korea Development Bank Chairman Kang Seokhoon

Cooperation for tailored financial support, business development, information sharing, and financial advisory for resident companies

The city of Busan will sign a Memorandum of Understanding (MOU) for the joint development of the “Busan Power Semiconductor Materials, Parts, and Equipment (SoBuJang) Specialized Complex” at 10 a.m. on the 23rd in the International Protocol Room at City Hall.

Park Hyungjoon, Mayor of Busan, and Kang Seokhoon, Chairman of Korea Development Bank, are scheduled to attend the signing ceremony and sign the agreement in person.

This agreement is being promoted as the city has been designated for the Ministry of Trade, Industry and Energy’s “Power Semiconductor SoBuJang Specialized Complex Project,” thereby establishing the administrative foundation for fostering the power semiconductor industry in Busan.

The government is pursuing balanced regional development led by local areas as a key national policy goal, by strengthening the foundation for innovative growth in advanced strategic industries. In July last year, Busan’s semiconductor specialized complex achieved the milestone of being finally selected in the competition for designation as a power semiconductor SoBuJang specialized complex.

With this designation, the city can now promote government-supported projects and various policies for establishing the “high-performance compound power semiconductor ecosystem” within the Dongnam Radiation Medical Science Industrial Complex (Jangan-eup, Gijang), including infrastructure, research and development, and workforce training.

Through this agreement, the city and Korea Development Bank plan to cooperate in helping companies (current and prospective) settle stably in the power semiconductor specialized complex and in building the industrial ecosystem for power semiconductors.

The two organizations will mutually cooperate in: ▲ providing customized financial support for companies (current and prospective) in the specialized complex ▲ domestic and international cooperation and information sharing for the development of these companies ▲ offering financial advisory services related to the creation and development of the specialized complex.

Korea Development Bank previously provided 63 billion KRW in investment and loans for the establishment of semiconductor production facilities for the new factory of “IQ Lab,” which relocated its headquarters to Busan in June.

Park Hyungjoon, Mayor of Busan, stated, “Korea Development Bank is expanding investment in new growth industries and startups, including operating the Busan Future Growth Venture Fund together with our city,” adding, “We will continue to provide full support so that the Busan Power Semiconductor Specialized Complex can become a hub for cooperation among the government, financial institutions, and companies.”

Busan City Hall.

This content was produced with the assistance of AI translation services.