Press

The Busan Creative Economy Innovation Center announced on the 20th that it has received 650 million won from the Busan Economic Revitalization Support Fund (BEF) in custody from nine institutions, including Korea Southern Power Co., Ltd., at the Busan International Financial Center (BIFC). The BEF supports fundraising and market expansion for social economy enterprises, as well as innovation and growth of small and medium-sized enterprises. Participating institutions include Korea Southern Power Co., Ltd., Korea Credit Guarantee Fund, Busan Metropolitan Corporation, Busan Port Authority, Korea Housing Finance Corporation, Korea Securities Depository, Korea Asset Management Corporation, Korea Housing Finance Corporation, and Korea Marine Development Corporation. Last year, Busan Creative Economy expanded BEF support to small and venture businesses, achieving remarkable results including increased sales of 800 million won for 20 companies, 48 new jobs created, 5 billion won in investment attraction, and relocation of five companies from outside the region to Busan. This year, the focus will be on supporting the growth of social ventures and ESG management promising companies, including business startup funds and global expansion. In particular, as a new support project, the center will implement overseas expansion support projects including participation in overseas exhibitions and discovery of local buyers and investors for social ventures. Additionally, it will collaborate with SK E&S and Underdogs on the development of Busan-style social services. An official from Busan Creative Economy said, "We will do our best to establish this project as an exemplary collaboration model for public institutions." Source: Seoul Economic Daily (https://www.sedaily.com/NewsView/2DAJCZNRMO)