Busan Center for a Creative Economy & Innovation Opened

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Busan Metropolitan City, Lotte Group and the Ministry of Science, ICT and Future Planning held an opening ceremony for the Busan Center for a Creative Economy & Innovation at BEXCO on March 16, 2015. President Park Geun-hye, Busan Mayor Suh Byung-soo, Minister of Science, ICT and Future Planning Choi Yang-hee, and the CEO of Lotte Group Shin Geok-ho attended the event.

President Park said that she expects the Busan Center to transform the city into a business hub for retail, film, and the IoT. “I believe the Busan Center will bolster the city’s convergence DNA and elevate its global presence,” President Park said in her congratulatory speech. Busan Mayor Suh Byung-soo said, “Lotte’s leadership in the retail and film industries will play a key role in elevating the city’s creative prowess based on abundant infrastructure in the film industry. The IoT project, which includes the city’s own smart city project, could become a new growth engine for the city.”

The newly launched center located in the Centum Green Town in Haeundae, will play three roles: promote more creative marketing in the service industry; create a virtuous circle in the film & visual media industry; and, lastly, foster start-ups based on the “Internet of Things” (IoT).

The City of Busan, Korea’s central government and Lotte Group plan to establish a 230 billion won start-up assistance fund for specialized investment on venture start-ups, film and visual media.

Source: Busan City News


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