Busan Opens ICT Convergence Zone for New Business Opportunities

Busan, South Korea – Busan Metropolitan City has announced the public recruitment of companies to join the Information and Communication Technology (ICT) Convergence Zone in Eco Delta City (EDC), with applications open from October 18 to November 15, 2024. The initiative is part of the city's strategy to establish EDC as a major business hub centered on advanced technologies like artificial intelligence (AI), big data, and the Internet of Things (IoT).

Eco Delta City offers a range of advantages for companies looking to innovate and grow in a smart city environment. Financial incentives, such as tax reductions and exemptions, are available to companies that contribute to the city's technological and environmental goals. Moreover, businesses in the ICT Convergence Zone benefit from world-class infrastructure that supports cutting-edge sectors like AI, big data, and cloud computing.

The city also promotes green and sustainable development. Companies operating in EDC will have access to renewable energy sources, including solar and hydrothermal power, aligning them with global sustainability efforts. This focus on environmental responsibility makes EDC particularly attractive to businesses in clean tech and sustainable industries.

One of the standout features of EDC is the regulatory sandbox, which allows companies to test and deploy new technologies in a low-risk environment, free from conventional regulatory barriers. This fosters innovation by providing businesses the flexibility to experiment with new products and services.

Additionally, companies can leverage collaborative R&D opportunities through partnerships with academic institutions, startups, and public organizations in the "R&D Plug-in City" initiative. This collaboration accelerates the commercialization of new technologies, giving businesses a competitive edge in emerging markets.

The EDC project also drives significant economic growth. The recent development of green data centers within the city, funded by a 3.6 trillion KRW investment, is expected to create over 1,000 direct jobs and stimulate local industries. The green data centers will support IT services while minimizing their carbon footprint, further solidifying Busan’s commitment to sustainable development.

Companies interested in joining the ICT Convergence Zone should submit their applications, including business proposals and supporting documents, directly to the city's Investment Attraction Division from November 13 to 15. Following a review by industry experts, selected companies will begin the lease negotiation process by December.

Director of Busan’s Digital Economy Office, emphasized the strategic importance of EDC, stating, “Eco Delta City is an ideal location for integrating water resource management and environmental innovation. The ICT Convergence Zone will not only drive technological advancement but also contribute to sustainable economic growth.”