Three Tech Firms, to Invest in Busan Metropolitan City

Busan Metropolitan City announced on April 14th, 2023, that it will sign an investment memorandum of understanding(MOU) with a total of six companies, including three tech-focused firms - Panasia, DOUZONE BIZON, and Wedit. The investment agreement signing ceremony will be attended by Busan Mayor Park Hyung-joon and top executives from each of the participating companies.

Panasia, an eco-friendly energy equipment specialist renowned in the global market, has been steadily growing with a strong position in the ballast water treatment and sulfur oxide reduction equipment market. The company's sales have surged due to increasingly stringent environmental regulations, and Panasia plans to further strengthen its competitiveness by investing actively in R&D for eco-friendly technologies. Panasia is a leader in carbon capture and hydrogen extraction and is dedicated to achieving carbon neutrality. The company's investment in the Gangseo-gu International Industrial Complex includes the construction of a "Green EPC Center" aimed at preventing youth talent outflow and providing high-quality jobs favored by local youth. The company plans to invest KRW 10.9 billion and hire 250 new employees, with the goal of becoming a leading global company by leveraging the location's strengths for continuous R&D and easy export.

DOUZONE BIZON, a mid-sized firm in the IT solutions sector, is expected to experience growth in the digital transformation era. Focusing on ERP, digital transformation, and cloud services for enterprises, the company has maintained steady growth with its superior technology and commitment to quality. With a joint venture with Shinhan Bank and partnerships with entities like Samsung Medical Center, DOUZONE BIZON is diversifying into new industries. With a 40-person branch established in Busan and a strong relationship with local universities, the company has hired 260 IT professionals and plans to hire an additional 300 by 2025, solidifying its status as a preferred employer for young talent in the tech industry.

Wedit is a three-dimensional (3D) digitization specialist, essential for the metaverse industry. The company was selected as a technology-innovative small and medium-sized enterprise by the Ministry of SMEs and Startups in 2021 and a youth-friendly stronghold by the Ministry of Status and Labor in 2022. Wedit plans to build the first private 'light-emitting diode (LED) virtual studio' in the non-metropolitan area, which is expected to play a role in the development of the film industry in Busan. The company will also sign a memorandum of understanding with MJT, a manufacturer of future vehicle parts, Kukdong Jinyeol, a manufacturer of metal products, and HUNECT, a contact center, providing a range of jobs, including opportunities for women who have had their careers interrupted.

Mayor Park Hyung-jun expressed his gratitude to the companies for their investment in Busan, despite the current domestic and international recession. The city will work to build a foundation for corporate investment and support the growth of these companies, creating new jobs for the local community.

This investment agreement represents a significant step forward for Busan Metropolitan City in promoting growth and development in the region. The participating companies are poised to bring new jobs and investment to the area, contributing to the city's continued progress.