Founded with the mission to drive the sustainable economic development of South Korea’s second-largest city, Busan Economic Promotion Agency (BEPA) serves as a pivotal institution enhancing the competitiveness of local businesses, fostering entrepreneurship, and attracting global investment to Busan. Operating under the governance of the Busan Metropolitan Government, BEPA has positioned itself as a robust enabler of regional economic innovation since its inception.
Core Business Activities
BEPA functions as an integrated platform for economic revitalization, enterprise support, and industry convergence initiatives. The agency's key business areas include:
- Startup Support: Operating dedicated Startup Cafes and Startup Business Centers to promote entrepreneurship. It provides incubation, seed funding support, and networking services.
- SME Competitiveness: Offering programs for export readiness, process innovation, and workforce training to boost local Small and Medium Enterprises (SMEs).
- Industry Cluster Development: Managing industrial complexes and supporting the relocation, maintenance, and upgrading of business infrastructure in Busan.
- MICE and Service Industry Promotion: Leading initiatives in Medical Tourism, Digital Healthcare, and the Meetings, Incentives, Conventions, and Exhibitions (MICE) sector.
Specialisation and Core USP
BEPA’s unique value lies in its multi-layered support ecosystem designed specifically for the Busan region. Unlike typical government agencies, BEPA blends policy-driven objectives with proactive business facilitation, especially for:
- Early-stage startups and youth entrepreneurship
- Global market access programs for regional exporters
- Digital innovation and convergence industry facilitation
Its ‘Busan Is Good’ branding campaign and global participation in exhibitions such as METALTECH and WSCE underscore its commitment to outward-looking growth.
Financial Insights
While BEPA is not a commercial revenue-generating entity, its operations are financed through the Busan Metropolitan Government’s budget allocations. In recent years, Busan allocated approximately ₩300 billion (approx. $225 million USD) annually for economic development, with a significant share channeled through BEPA’s programs.
Key budget allocations (approximate):
- Startup & Innovation Support: ₩65 billion
- Export Promotion & Global Partnerships: ₩40 billion
- Industrial Infrastructure and Real Estate: ₩100 billion
International Engagement and Shipments
BEPA operates export support centers and facilitates international market entry for Busan-based companies, especially SMEs. According to data from platforms like Trademo and KOTRA, Busan-based BEPA-supported firms recorded over $150 million in exports in 2022, across sectors such as machinery, marine products, and IT solutions.
Key markets:
- Southeast Asia (Vietnam, Thailand)
- Japan and China
- Middle East (UAE)
- United States and Germany
Target Market
- Local SMEs and Startups in Busan requiring support across innovation, funding, and market access
- Foreign companies interested in expanding into Busan through trade, investment, or relocation
- Tourism and medical service providers in sectors such as wellness, MICE, and smart healthcare
Capabilities and Infrastructure
BEPA operates:
- 6+ Business Support Centers across Busan
- Startup incubation hubs including Busan Center for Creative Economy & Innovation
- Busan Startup Cafe, a national model cited by Korea Startup Forum for its high engagement levels
- Export Assistance Platform, connecting over 3,000 Busan-based exporters to global buyers
Certifications and Compliance
- Operates under the governance and audits of the Ministry of the Interior and Safety (MOIS)
- Compliant with national government transparency, data reporting, and financial disclosure protocols
- ISO 9001 certified partners involved in support service delivery
Customer and Stakeholder Feedback
- In a 2022 satisfaction survey conducted by Busan City, over 89% of partner businesses rated BEPA’s programs as “highly satisfactory”
- Testimonials highlight:
- “Our exports to Japan grew 2x within one year through BEPA’s market matching service.” – CEO, Busan Machinery Co.
- “The Startup Cafe helped me find my co-founder and our first investor.” – Founder, BusanTech Startup
Major Achievements
- Hosted Busan Pavilion at WSCE 2022 and 2023, showcasing 30+ smart city companies
- Recognized in 2021 as Korea’s Leading Local Economic Agency by the Ministry of SMEs and Startups
- Supported 1,000+ startups and SMEs in securing grants and matching funds over the last 3 years
- Instrumental in attracting global firms like Wilo Korea Ltd. and Japanese investors into Busan Techno Park
BEPA continues to play a transformative role in shaping Busan as an economic powerhouse with regional influence and global ambition.
