[THE INVESTOR] Co-working space giant WeWork said on Nov. 7 that it has signed a memorandum of understanding with Busan Metropolitan City to make joint efforts to revive the local economy.

“Signing the MOU with WeWork will offer an opportunity for Busan to step forward as a global city, by creating quality jobs, providing global business opportunities to local companies, as well attracting investments from global corporations,” said Busan Mayor Oh Keo-don during the signing event held on Nov. 5.

WeWork Korea general manager Matthew Shampine(left) and Busan Mayor Oh Keo-don. WeWork Korea

“We ask WeWork to serve as a startup hub in Busan, offering opportunities for it to enter other markets based on its community network,” he added.

The agreement came after the mayor had a meeting with Matthew Shampine, WeWork Korea’s general manager, last month.

“WeWork will contribute to creating jobs and global business opportunities as well as revitalizing the startup ecosystem in Busan,” Shampine said.

Starting with Seomyeon next year, the co-working space firm plans to launch in other locations, including Centum and Busan Station.

WeWork, founded in 2010 by Adam Neumann and Miguel McKelvey in New York, is a platform for creators, providing over 268,000 members with about 300 physical locations in 77 cities and 23 countries around the world.

In Korea, the New York-headquartered firm has opened locations in key business areas, including Jongno, Gwanghwamun, Euljiro, Gangnam and Yeouido.

WeWork is valued at 23 trillion won (US$20.47 billion), with its capacity in Korea more than doubling, from accommodating 5,500 members in September 2017 to 15,000 this year.

By Kim Young-won (wone0102@heraldcorp.com)