Korea has opened its seventh innovation center, this time in the southeastern port city of Busan.
As part of President Park's creative economy drive, the government hopes to transform Busan's manufacturing-centered economy into a service-led growth engine of the future.
But experts say commitment from the corporate community will be the key to its success.
Choi You-sun lloks into the innovation drive.
In cooperation with retail giant Lotte Group, Korea's latest innovation center in Busan will set up a 200-million-dollar fund... to foster personnel and support startups in distribution, film and the Internet of Things.
It plans to offer a one-stop counseling service on development, marketing and commercialization of innovative products, and help diversify Busan's traditionally strong shoe and fisheries industries.


"The Busan center will become a base for innovation in distribution by increasing value and marketability of both traditional and new products to represent Korea."


Lotte, which also runs an entertainment business, will join hands with the government's new cultural creativity complex, to build an ecosystem for Korea's film industry.
In line with the government's goal to establish a global IoT hub by 2019, the Busan center will test potential commercialization of related technologies and nurture startups that integrate the technologies in the safety and tourism sectors.
As part of President Park's "creative economy" drive, the government plans to build 17 innovation centers around the country, each teaming up with a conglomerate to encourage creativity and help fledgling companies commercialize their products globally.


"The success of these centers is linked to how smoothly conglomerates and SMEs will cooperate, how much of an initiative they will take, and their intent to participate."


Placing a greater emphasis on the conglomerates' willingness to generate output, experts say that in order for the Park administration's innovation initiatives to bea