Busan
Economy

Busan is the 2nd largest city in Korea, a maritime logistics hub in Northeast Asia with its world-class mega ports, and a gateway to the Eurasian continent. In 2017, the maritime city recorded a GRDP of US$758.4 billion with a per capita GRDP of US$22,000. The city's economy is made up of the service industry (70.3%), manufacturing (19.8%), construction (5.9%), agriculture & fisheries (0.8%), and other sectors (3.2%).

As the 6th largest port in the world, the port of Busan processed 21.81 million TEU of container cargo volume in 2020. The port's container terminal has 43 berths - 20 berths at the North Port, and 23 berths at the Busan New Port (including 2 multi-purpose berths). The port is part of the 21st Century Maritime Silk Road that runs from the Chinese coast to Singapore, towards the southern tip of India to Mombasa, from there through the Red Sea via the Suez Canal to the Mediterranean, there to the Upper Adriatic region to the northern Italian hub of Trieste with its connections to Central Europe and the North Sea.

Moreover, the city is a center of marine science and R&D, and home to a number of relevant institutions, such as the Korea Maritime Institute (KMI), the Korea Institute of Ocean Science and Technology (KIOST), the National Fishery Products Quality Management Service, the Korea Hydrographic and Oceanographic Agency (KHOA), and the Korea National Maritime Museum, located in Dongsam Innovation Complex in Yeongdo-gu district. Moreover, the International Federation of Freight Forwarders Associations (FIATA) World Congress is scheduled to be hosted in Busan in 2020. (Busan New Port)

The city is also known for its global MICE (Meetings, Incentives, Conferences, and Exhibitions) industry. The city's convention and exhibition zone have excellent conditions and infrastructure to host large-scale international events, which includes BEXCO in Centum City, Nurimaru APEC House, and hotels nearby natural environments. Major international conferences in Busan include the 2005 APEC Economic Leaders' Meeting, ASEAN–Republic of Korea Commemorative Summit 2014, and 2018 African Development Bank Group Annual Meetings. (BEXCO)

Busan is also a center of finance. Korea Exchange (KRX), Korea's sole securities exchange operator, is headquartered in Busan. The city is home to a number of financial institutions, such as the Korea Technology Finance Corporation, Korea Asset Management Corporation, Korea Housing-Finance Corporation, Korea Housing & Urban Guarantee Corporation, Korea Securities Depository, Korea Maritime Guarantee Insurance, Maritime Finance Center, The Korea Shipping and Maritime Transportation Co., Ltd, Korea Asset Management Corporation, and BNK Financial Group.

Commercial areas are dispersed throughout the city near busy intersections and adjacent to university campuses, but the two largest central business districts in Busan are Seomyeon and Gwangbok-dong/Nampo-dong. There are also four substantial shopping areas of note: Seomyeon, Gwangbok-dong, Busan Daehak-ga in Jangjeon-dong, and Centum City in Haeundae-gu.

Seomyeon Station is one of the busiest subway stations in Korea; it is the transfer station between Busan Subway Line 1 and Line 2. Seomyeon subway station is also home to a large number of underground stores, selling a variety of products, predominantly clothing, and footwear. These are small stores selling locally produced products. The local head offices of Korean and international banks are located in Seomyeon. It is recognized as the ascendant shopping and entertainment district. It is also home to "Seomyeon Medical Street", the district encompassing the 1 km-radius range around Lotte Department Store in Seomyeon and the Buam subway station. The Street is home to a total of 160 cosmetic and other medical clinics, including those specializing in cosmetic surgery, dermatology, ophthalmology and dentistry. Directly adjacent to Seomyeon is Bujeon Market, the largest traditional market in the city.

The Gwangbok-dong, Nampo-dong, and Jungang-dong areas form the old central business district. Some of the restaurants in this district use family recipes passed down through the generations. Jagalchi Market, a large seafood market, is located in this area. The Gukje Market is also nearby. Jungang-dong is the home of many international law offices, the old Immigration Office, and the international ferry terminal serving Japanese routes. Lotte World II is currently under construction along the water between Jungang-dong 7-Ga and 8-Ga.

Centum City, an industrial complex, contains luxury department stores. Busan has many major department stores, including Lotte Department Store (located in Seomyeon, Centum City, Gwangbok-dong and Dongnae), Lotte Premium Outlet (in Gimhae and Gijang), Shinsegae Premium Outlet (in Gijang), as well as large supermarket chains across the city, such as Homeplus, e-mart, and Costco.

Busan's major hotels include The Westin Chosun Busan, Paradise Busan, and Park Hyatt Busan. In 2017, Ananti Hilton Busan opened in the Gijang-eup district.
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