Busan Reinforces Social Economy Support with Redesigned Center

Busan, South Korea – Busan Metropolitan City has unveiled a major restructuring and expansion of its Social Economy Support Center, aimed at bolstering the growth and sustainability of social economy enterprises in the region. This initiative consolidates two previously separate facilities into a single, more efficient location at Dongnae Center, enhancing service delivery and support capabilities.

The reorganized center, which first opened its doors in April 2018 under the mandate of the "Busan City Social Economy Promotion and Support Ordinance," has been instrumental in identifying and nurturing social economy organizations across Busan. Now, with the enhanced integration and the support from the Busan Economic Promotion Agency, the center is poised to drive significant advancements in the local social economy sector.

As of April 15, the revamped facility has started to operate under the management of the Busan Economic Promotion Agency. This new arrangement is expected to leverage the agency’s expertise, infrastructure, and personnel to boost operational efficiency and effectiveness. The center also introduced a new offline product testing area (testbed), which allows social economy enterprises to test new technologies and prototypes without additional costs, thereby directly gauging consumer response.

The center's agenda for the year is ambitious and multifaceted. Highlights include a competition for social economy business and regulatory innovation ideas, support programs for social economy enterprises, initiatives to discover and nurture Busan-style social economy models, and projects linking industry, academia, and research for business innovation. Additionally, the center will focus on enhancing the distribution platforms and public sector market access for these enterprises, alongside boosting their capabilities for impact investment and adopting ESG (Environmental, Social, and Governance) practices.

The opening ceremony on April 15 was marked by the presence of key figures such as Director of Digital Economic Innovation at the city, and representatives from various social economy associations and related organizations. Approximately 20 attendees gathered to celebrate the launch and to discuss the future direction of the center.

Following the opening ceremony, a comprehensive briefing on the 2024 support initiatives for the social economy was held at the B-Startup Ground. The event, attended by approximately 30 local government officials and related organization employees, was also livestreamed on YouTube and Bada TV, allowing interested citizens to participate remotely. The session provided insights into the center's plans and collaborations with other agencies, underscoring a collaborative approach to addressing local issues and enhancing the business environment for social economy enterprises in Busan.

Director of Digital Economic Innovation emphasized the city's commitment to supporting these enterprises, stating, “The Busan Social Economy Support Center will play a pivotal role in supporting startups, expanding market access, and providing capacity-building programs. Our goal is to create a fertile environment where social economy enterprises can thrive independently and contribute to solving regional issues.”