聚焦釜山2024

April 2024 Financial Centre Futures We are pleased to present a short update on the progress being made in the Busan Finance Center(BFC). BFC is a member of Z/Yen’s Vantage Financial Centres network. The aim of this update is toprovide readers with news about the progress being made by the city of Busan. Since 2009, Busan Metropolitan City has been developing a financial services hub specialising inmaritime finance and derivatives. With its strategic location in the center of an economic bloc in SouthEast Korea at the crossroads of a global logistics route, Busan envisions growing into an internationalfinancial city in Northeast Asia. BFC sets and implements strategies to develop Busan into an international financial city, by fosteringBusan as the financial hub and promoting the financial industry. BFC was established as anincorporated association through the efforts of the city of Busan and seven local financial institutionsand companies as founding sponsors. The main mission of BFC is to promote Busan as a financial huband bolster the financial industry in Busan, by developing and implementing strategies to foster Busanas an international financial city and conducting mid-to-long term finance-related surveys andresearch. BFC works to promote relevant policies, attract financial institutions, create a financialecosystem, conduct research and study into Busan’s development, and to facilitate internal andexternal cooperation. BFC is very happy to assist you to identify opportunities in Busan, one of the fastest developing cities inAsia. For more information, please contact: Busan Finance Centergmlee@kbfc.or.kr+82 51-631-0296 Cover photo byMinku KangonUnsplash Busan As A Global Hub Busan is a world-class maritime hub city. Its maritime technology is considered one of the best in theworld, and the city ranks second globally in terms of trans-shipment volumes. Geographically locatedat the heart of the global trading route, Busan's global status is expected to become more significantwith the opening of the Arctic Shipping Route. Shipbuilders located in the Busan-Ulsan-Gyeongnam province command more than 30% of the globalmarket share. Companies such as Hyundai Heavy Industries and Samsung Heavy Industries haveattained some of the best reputations for advanced shipbuilding skills and the quality of their shipsworldwide. With a population of over 3.4 million, Busan aims to establish a global sustainable maritime financialhub, a vibrant technology-driven industrial ecosystem, and global logistic tri-port hub. Morespecifically, it is actively harnessing nine important industries: maritime, finance, tourism, futuremobility, digital technology, energy technology, bio-healthcare, and convergent manufacturing. Due to Busan’s vibrant economy and leading technology-driven research capabilities, over 600international companies have invested in Busan’s diverse industrial domains, including manufacturing,intellectual properties, and biotechnologies. Since 2020, the city has announced record-breakingForeign Direct Investment, reaching more than USD 6 billion in 2023. Busan is also gaining an increasing reputation for its cultural tourism and convenience of living. Since2021, Busan has announced the vision of creating a‘15-minute city,’where essential living elementssuch as workplaces, leisure activities, healthcare facilities, and education sites are accessible within 15minutes’walking distance. Busan's Transformation into a 'Global Hub City’ “To develop Busan into a hub city for logistics, finance, digital, and cutting-edge industries in name and reality, we must now build the necessary systemsand infrastructure” The President of the Republic of Korea, Yoon Suk Yeol, on 6 December 2023, at the roundtable discussion held at Busan PortInternational Exhibition & Convention Center In line with the President's remarks, Busan Metropolitan City has announced several initiatives aimedat transforming Busan into a global hub city. Key among these are the establishment of the FinancialOpportunity Development Zone (ODZ) and the recent proposal of a Special Act to designate Busan as aGlobal Hub City, announced on 25 January 2024. Supported by the national policy for balanced regionalgrowth, the realisation of such initiatives is expected to contribute to the creation of a global financialhub, a world-class tri-port logistics hub, and vibrant innovation ecosystems. Recent Key Initiatives For Busan’s Global Hub City Transformation ODZ (Opportunity Development Zone): The ODZis a specially designated area aimed at attractingbusinesses by offering tax benefits andincentives. As part of the Opportunity Development Zoneinitiative, Busan Metropolitan City's primary policyagendas include the prospective launch of theSpecial Finance Zone, which will encompass theMunhyeon and Bukhang Port areas, and theestablishment of an education zone. The legislative bill for the 'Global Hub CityAct'(announced on 25 January 2024). Once the