Economy of Busan

Economy

Ships in harbor

Busan is the fifth busiest seaport in the world, with transportation and shipping among the most high profile aspects of the local economy. Since 1978, Busan has opened three container ports including Jaseungdae, Shinsundae, and Gamman. Busan has one of the world's largest ports and can handle up to 13.2 million TEU shipping containers per year.
The Busan-Jinhae Free Economic Zone Authority, one of two such administrations (the other in the harbor of Incheon), was created to reassert Busan's status as a traditional international trading centre. The port attracts ships from all over the globe and the surrounding area aspires to become a regional financial centre.

Korea Exchange (KRX), Korea's sole securities exchange operator, is headquartered in Busan.
Busan is the home of the headquarters of Renault-Samsung Motor, Hanjin Heavy Industries, Busan Bank, Air Busan, Hi Investment & Securities, Woori Aviva Life Insurance, Korea Technology Finance Corporation, Korea Asset Management Corporation.
Jagalchi Fish Market is the largest fish market in Korea.
Busan is ranked the fourth best city after Singapore, Seoul and Tokyo among Asia's top convention cities in a 2011 global ranking by the International Congress and Convention Association (ICCA).


Shopping and commerce

Shinsegae Centum City is the world's largest department store.

Centum City

Seomyeon

Jagalchi Market

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 Dae Hakap in Jangjeon-dong, and Centum City in Haeundae-gu.
Seomyeon is the crossroads of Busan. The local subway station serves two lines and is one of the busiest in the city. 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. Other companies with offices here include Yeolmae Food.
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 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 Immigation 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, is a popular new shopping area with luxury department stores.