Hanwha Ocean Expands to Busan with 10 Billion KRW Investment

Busan, South Korea - Hanwha Ocean has announced plans to establish the Busan Engineering Center (BEC) with a 10 billion KRW investment. The project is expected to create 500 new jobs in the ship design and marine engineering sectors by 2027. The announcement was made during a memorandum of understanding (MOU) signing at Busan City Hall, attended by Mayor Park Heong-joon and Hanwha Ocean CEO Kim Hee-chul.

The BEC initiative aligns with Busan’s efforts to enhance its position as a key maritime research and development hub. Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering (DSME), was acquired by Hanwha Group in 2023 and has since focused on expanding its capabilities in the defense and offshore sectors. The decision to establish operations in Busan is in line with the company’s strategic objectives to advance technological innovations while leveraging the region’s skilled workforce.

The center, located in Busan’s Jung-gu district, will cover 400 pyeong (approximately 1,322 square meters). Operations are scheduled to commence by 2027, with recruitment aimed at 500 professionals specializing in ship design and engineering. Busan’s educational institutions, such as Pusan National University(PNU), are expected to play a significant role in providing skilled talent for the initiative.

This investment is part of Busan City’s broader objective to attract 8 trillion KRW in investments by 2025, positioning the city as a leader in the maritime and shipbuilding industry. Mayor Park Heong-joon highlighted the project’s potential to strengthen the local shipbuilding ecosystem and help retain skilled labor within the region.

Hanwha Ocean’s decision to invest in Busan offers strategic advantages, including proximity to the company’s Geoje Shipyard, well-established maritime infrastructure, and a robust supply chain. Busan has previously attracted major industry players, such as Samsung Heavy Industries and Hanwha Power Systems, reinforcing its reputation as a hub for research and development in the maritime sector.

CEO Kim Hee-chul emphasized the company’s commitment to becoming a global leader in marine solutions and highlighted the collaboration with Busan City as an opportunity to advance technological development and drive sustainable growth in the maritime industry.

In addition to its economic impact, the Busan Engineering Center is expected to facilitate future expansions and partnerships with academic and industry stakeholders. The center’s focus on eco-friendly shipbuilding technologies aims to position Hanwha Ocean as a competitive player in the global maritime and defense industries.

As plans for the Busan Engineering Center progress, the initiative is set to contribute to the local economy and Korea’s broader shipbuilding sector. The project represents a step toward strengthening Busan’s role as a maritime innovation hub.