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Busan Innovation City

City Government > Key City Projects > Busan Innovation City

Necessities for Creating Busan Innovation City

In June 24, 2005, the Korean government announced a decentralization plan according to which 176 public institutions were relocated outside the capital region and Daejeon to 12 regional metropolitan cities. The relocation project prompted Busan city to construct a future-oriented, region-specific city where local industries, academia, research institutions and local autonomous organizations work together to foster regional growth. Examples of successful outcomes of the Innovative City project can be found in cutting-edge industrial cities such as Sophia Antipolis in France, Toyota, Japan and Kista, Sweden, all of which managed to enhance their regional and national competitiveness through the project. Busan Innovative City consists of three innovation districts and a multi-dwelling residential area once other agencies are relocated: four agencies related to maritime and fisheries will be relocated to the Dongsam district, three film-related agencies to the Centum district, and five financial and other public institutions to the Munhyeon district. A multi-dwelling residential area will be built on a lot where ROKA(Republic Korea Army) Logistics Command used to be located.

Busan Innovation City Construction Outline

  • Goal : Drive region-specific development based on three different functions (maritime/fisheries, finance, film)
  • Select Innovation districts (March 30, 2006, Ministry of Land, Transport and Maritime Affairs ) ▷ three districts + a multi-dwelling residential area
    • Dongsam District (Maritime/Fisheries functions): four agencies → Korea Institute of Ocean Science & Technology, Korean Maritime Institute, National Oceanographic Institute, National Fishery Products Quality Management Service
    • Munhyeon District (Finance and other functions): five agencies → Korean Management Asset Corporation, Korean Housing Finance Corporation, Korean Securities Depository, Korean Housing Guarantee Corporation, Korean Southern Power Co., Ltd.
    • Centum District (Film and Media functions): three agencies → Korean Film Council, Korean Media Rating Board, Game Rating Board
    • Daeyeon District (Multi-dwelling residential area)

Progress by district

01. Dongsam district

Dongsam district
Basic status
  • Location: 1125 Dongsam-dong, Yeongdo-gu
  • Space: 616,000㎡
  • Agencies to be relocated: four agencies related to maritime affairs and fisheries → Korea Institute of Ocean Science & Technology, Korean Maritime Institute, National Oceanographic Institute, National Fishery Products Quality Management Service

※ Existing facilities, Planned facilities (9): Korean Institute of Maritime and Fisheries Technology, Marine Environment Research & Training Institute, South Regional Headquarters Korea Coastguard, Busan Maritime High School, International Ferry Terminal, Busan Harbor Fire Station, National Maritime Museum, Korea Maritime University (Second Campus), Busan Port Authority

Development direction
  • Create a world-famous marine technopolis by forming a cluster of maritime and fisheries agencies
  • Create district landmarks and a marine leisure park

02. Munhyeon district

Dongsam district
Basic status
  • Location: area around 1227-2, Munhyeon-dong, Nam-gu
  • Size: 102,000㎡, commercial district
  • Institutions to be relocated: 11 institutions (five relocating public agencies, five relevant financial institutions)
    • Public agencies to be relocated (5): Korean Manage Asset Corporation, Korean Housing Finance Corporation, Korean Securities Depository, Korean Housing Guarantee Corporation, Korean Southern Power Co., Ltd.
  • Financial institutions (6): The bank of Korea Busan branch, Korean Exchange(KRX), Busan Bank head office, Nonghyup Busan headquarters, KIBO technology fund, Korea Credit Guarantee Fund 
Development direction
  • Attract businesses and promote financial activities through introduction of a financial complex
  • Use space effectively through Landmark architecture

03. Centum district

Centum district
Basic status
  • Location: 1466-2, U-dong, Haeundae-gu
  • Space: 61,000㎡ filmㆍmedia related organizations 12,000㎡
  • Agencies to be relocated: Korean Film Council, Korean Media Rating Board, Game Rating and Administration Committee

※ Facilities to be built (3): Busan Cinema Center, Post-Production Facility, Culture and Contents Complex

04. Multi-dwelling residential area

Centum district
Basic status
  • Location: 110-1, Daeyeon-dong, Nam-gu
  • Space 156,000㎡
  • Facilities to be built within the area: apartments (2,304 units), studio (112 flats) elementary school (1), kindergarten (2), etc.