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Busan’s Key Growth Industries

Business > Busan’s Key Growth Industries
Busan’s Key Growth Industries photo

 During the 1990's, Busan's economy had experienced a downturn, following slumps in the exporting of manufactured products such as shoes and textiles. However, since 1999, Busan has targeted ten strategic industries with great potential for growth that have led an economic turnaround. The City has also made continuous efforts to expand pre-existing industrial facilities to keep companies in Busan. Focusing on changes in technology and the business environment worldwide, Busan's strategic focus on its core growth industries has been reorganized twice in 2004 and 2009, with the fourth reorganization to be finalized in 2014 when the City plans to narrow its focus to concentrate on five key industries. This is part of a broader vision of the port city, which is to develop itself into a center for global exchanges serving as a major hub for logistics, information, finance and tourism in the Pacific Rim. As a result of these enormous efforts, the city has become one of the world's "Super Ports" and is becoming a marine capital in the Northeast Asia era.

Busan's New Five Strategic Industries (January 1, 2014 - )

  • Marine Industry
  • Convergence Components & Materials
  • Creative Culture Industry
  • Bio-health Industry
  • Knowledge Infrastructure Services Industry
  • The 1st phase of the promotion of strategic industries (1999-2003)
    The 1st phase of the promotion of strategic industries (1999-2003)
    Promising Industries Marine Logistics
    Tourism
    Software
    Finance
    Multi-media
    Structural Enhancement Industries Automobile parts
    Shipbuilding Materials
    Shoes
    Textile and Fashion
    Fish Product Processing
  • The 2nd phase of the promotion of strategic industries (2004-2008)
    The 2nd phase of the promotion of strategic industries (2004-2008)
    Core Strategic Industries Marine Logistics
    Parts and Materials
    Tourism and Convention
    Multi-media and IT
    Local Strategic Industries Financial Services (Futures Trading)
    Marine Bio
    Silver
    Shoes
    Marine Product Processing
    Textile and Fashion
  • The 3rd phase of the promotion of strategic industries (2009-2013)
    The 3rd phase of the promotion of strategic industries (2009-2013)
    Core Strategic Industries Marine (Marine logistics + Marine Bio + Fish products)
    Parts and Materials
    Tourism and Convention
    Multi-media and IT
    Future Strategic Industries Financial Services
    Senior friendly
    Medical
    Textile and Fashion
    Design
    Green Energy

Major Economic Indicators

Major Economic Indicators
year 2014 2015 2016 2017 2018
GRDP (KRW Billion) Busan 73,674 78,238 81,264 83,299 -
National 1,485,505 1,565,248 1,641,957 1,731,545 -
Percentage 5.0 5.0 4.9 4.8 -
Economically Active Population (1,000 persons) Busan 1,760 1,756 1,754 1,766 1,729
National 26,836 27,153 27,418 27,748 27,895
Industrial Production (Percent) Agriculture, Forestry and Fisheries 0.8 0.7 0.8 0.8 -
Manufacturing 19.6 20.2 19.8 19.6 -
Construction 5.3 5.4 5.9 6.3 -
Service 71.8 70.6 70.3 70.7 -
Other 2.5 3.1 3.3 2.7 -
Export (USD Million) Busan 14,702 15,579 14,074 15,064 14,410
National 572,665 526,757 495,426 573,694 605,169
Percentage 2.6 3.0 2.8 2.6 2.4
Import (USD Million) Busan 14,894 14,377 13,560 14,463 14,798
National 525,515 436,499 406,193 478,478 535,172
Container Handling (TEU Thousand) Busan 18,683 19,469 19,456 20,493 21,592
Change rate 5.6 4.2 -0.1 5.3 5.4
National 24,798 25,681 26,005 27,468 28,875