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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 2012 2013 2014 2015 2016
GRDP (KRW Billion) Busan 67,999 70,338 73,674 78,238 -
National 1,377,041 1,430,255 1,485,505 1,565,248 -
Percentage 4.9 4.9 5.0 5.0 -
Economically Active Population (1,000 persons) Busan 1,693 1,710 1,733 1,728 1,728
National 25,501 25,873 26,536 26,913 27,247
Industrial Production (Percent) Agriculture, Forestry and Fisheries 1.1 0.9 0.8 0.7 -
Manufacturing 20.5 20.0 19.6 20.2 -
Construction 5.4 5.3 5.3 5.4 -
Service 71.7 72.1 71.8 70.6 -
Other 1.4 1.8 2.5 3.1 -
Export (USD Million) Busan 13,558 13,264 14,703 15,579 14,081
National 547,870 559,632 572,664 526,756 495,466
Percentage 2.5 2.4 2.6 3.0 2.8
Import (USD Million) Busan 13,774 13,472 14,893 14,377 13,560
National 519,584 515,584 525,514 436,499 406,060
Container Handling (TEU Thousand) Busan 17,046 17,686 18,683 19,469 19,456
Change rate 5.3 3.8 5.6 4.2 -0.1
National 22,550 23,469 24,798 25,681 26,005