Busan City joins forces with shipbuilding companies in Korea’s Southeast Region to develop advanced shipbuilding and shipping industries

[Financial News] Ahead of the launch next year of the “Advanced Shipbuilding and Shipping Growth Engine Project for the Southeast Region,” discussions focused on ways to link investment by major domestic shipbuilding companies with government policy support to develop the Southeast Region, including Busan, Ulsan and South Gyeongsang Province, into a global center for AI-based advanced shipbuilding and shipping industries.
Busan City said on the 25th that it had held the “5 Mega Regions, 3 Special Regions Southeast Region Shipbuilding Industry Anchor Companies Meeting” at Shilla Stay Seobusan on the 21st, together with Ulsan Metropolitan City, South Gyeongsang Province, the Research Institute of Medium & Small Shipbuilding (RIMS), and the country’s three major shipbuilders.
The meeting was organized to develop an industry-fostering strategy linked to next year’s R&D project for advanced shipbuilding and shipping in the Southeast Region, and to seek ways to connect anchor companies’ investment plans with the government’s seven-policy support package.
Around 30 people attended the event, including representatives of the local governments of Busan, Ulsan and South Gyeongsang Province, RIMS and the Busan Regional Industry Promotion Agency, as well as representatives of anchor companies such as HD Hyundai Heavy Industries, Samsung Heavy Industries, Hanwha Ocean, HJ Shipbuilding & Construction and KSP, medium-sized shipyards, shipbuilding parts and equipment companies, and experts from related institutions.
On August 26, the government announced “Growth Engines for the 5 Mega Regions and 3 Special Regions,” selecting four key growth sectors for the Southeast Region: advanced shipbuilding and shipping, aerospace and defense, future mobility manufacturing, and next-generation nuclear power and energy. The Ministry of Trade, Industry and Energy then launched the Local-Led Growth Engine Council on September 7 and announced a seven-policy support package to support anchor companies’ investments in regional areas, along with guidelines for drawing up growth engine development plans.
The Advanced Shipbuilding and Shipping Growth Engine Project for the Southeast Region will focus on the so-called “3X”: the green transition (GX), the manufacturing AI transformation (AX), and the smart transformation (SX). Its goal is to link the shipbuilding and shipping industries of Busan, Ulsan and South Gyeongsang Province and, through R&D, infrastructure development and workforce training, establish a global hub for AI-powered advanced shipbuilding and maritime industries.
Attendees shared each company’s investment plans and intentions and held in-depth discussions on ways to link the growth engine project with the government’s seven-policy support package. In particular, they reviewed the support companies need during the actual investment process and explored ways to ensure government support leads to increased investment by companies in the region.
They also gathered policy recommendations based on the investment intentions and plans of each anchor company, including regulatory improvements, fiscal and tax support, financial assistance, and improvements to living conditions.
The city plans to focus on securing central government funding for 2027 to ensure the project proceeds smoothly. It will also work with Ulsan Metropolitan City, South Gyeongsang Province and anchor companies on a joint response, including clarifying the project’s necessity and expected investment impact.

[email protected] Kwon Byeong-seok Reporter