Korea to open new defense venture town in Busan

SEOUL, Dec. 18 (Yonhap) -- South Korea will open a new venture center this week in the southern city of Busan where new and promising venture firms can develop defense technologies with on-hand support and assistance, the center operators said Thursday.

A total of 15 venture firms will move into the center, which will be jointly run
by the Defense Agency for Technology and Quality and the city government of
Busan, some 450 kilometers south of Seoul.
A bank based in the city will also take part in the operation of the 2,800 square
meter center, allowing swift provision of needed funds to the business firms at
preferred rates, the defense agency said in a press release.
"The center will not only help develop new, key defense technologies, but it will
also have a very positive impact on the city's industrial output," it said.
The country currently runs two other defense technology centers, in Seoul and
Incheon, and plans to open up at least three more within the first half of next
year, according to the agency.
South Korea exported nearly US$900 million worth of defense goods and
technologies this year, the largest amount ever sold overseas. It hopes to
increase the amount to $3 billion by 2012.
bdk@yna.co.kr
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