Outline

  • Busan is South Korea's second-most populous city after Seoul. It is the economic, cultural and educational center of southeastern South Korea.

Detail

Busan, South Korea

 

Overview:

Busan is South Korea's second-most populous city after Seoul, with a population of over 3.4 million inhabitants. It is the economic, cultural and educational center of southeastern South Korea, with its port—Korea's busiest and the sixth-busiest in the world and the surrounding "Southeast Economic Zone" (including Ulsan and South Gyeongsang) is South Korea's largest industrial area.

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.[26] 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%). Busan is also a center of finance; Korea Exchange (KRX), Korea's sole securities exchange operator, is headquartered in Busan along with a number of major financial institutions. The city is also known for its global MICE (Meetings, Incentives, Conferences, and Exhibitions) industry. The city is ranked 5th in Asia and 10th in the world in terms of the number of international conferences hosted in the city. 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).

Port of Busan:

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.

 

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