Korea has opened its seventh innovation center,
this time in the southeastern port city of Busan.
In cooperation with retail giant Lotte Group, the Busan center will focus on fostering specialized
personnel and supporting startups in the sectors of retail, film, and Internet of Things.
The center will set up a 200-million U.S. dollar fund to have merchandizing experts
offer counseling on product development and utilize the government and Lotte′s retail
network to give support in commercializing the products.
Working with the government′s recently-opened cultural creativity complex, the center will
operate movie theaters to showcase its own innovative films.