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Busan Launches the Busan Marine Finance Development Council, a Public-Private Governance Initiative!

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Busan Metropolitan City (Mayor Park Heong-joon) announced that it will hold the inaugural ceremony and meeting of the Busan Marine Finance Development Council today (1st) at 3:00 p.m. in the 21st-floor conference room of Phase 1 of the Busan International Finance Center (BIFC), aiming to systematically advance the marine finance industry and enhance policy responsiveness.

The meeting, chaired by the Deputy Mayor for Administrative Affairs, will be attended by over 20 participants, including representatives from major marine finance institutions such as the Marine Finance Center (Korea Development Bank, Korea Trade 

Insurance Corporation, Export-Import Bank of Korea), Korea Ocean Business Corporation, Korea Shipowners’ Association, Korea Shipping Association, Korea Small and Medium Shipbuilding Industry Cooperative, Korea Ship Managers Industry Cooperative, and Busan Marine Equipment Association.

The Busan Marine Finance Development Council has been officially launched to proactively respond to changes in the global maritime environment and policies, and to help Busan advance as a global marine finance hub.

This meeting marks the first official session of the newly organized Busan Marine Finance Development Council, which evolved from the 'Busan Marine Finance Council' operating since 2018 into a practical policy execution platform. Sixteen key organizations in the marine finance ecosystem across academia, industry, research, and government are attending to share policy directions and engage in in-depth discussions to identify collaborative projects.

In particular, the new Council enhances its practical functionality based on previous operational experience. It comprises four divisions:
▲ Administrative Support
▲ Corporate Support
▲ Talent Development
▲ Policy Research

Each division will hold regular and ad-hoc working-level meetings to identify sustainable collaborative projects and translate them into concrete policies.

The meeting will proceed in the following order: opening remarks by the Deputy Mayor, a briefing on the Council’s operational direction, presentations of research cases on marine finance, keynote presentations, and feedback from field representatives.

During the presentation session,
▲ Busan Institute of Urban Affairs will introduce its internal study on "Strategies for Expanding Policies to Promote Busan’s Marine Finance,"
▲ Busan Finance Center will present research on the establishment of a mutual aid association for shipbuilding to strengthen financial infrastructure for the shipbuilding industry.

Following this,
▲ Korea Maritime Institute (KMI) will deliver a keynote on "The Strategic Role of Marine Finance in Advancing Busan as a Maritime Capital," offering an analysis of Busan’s marine finance conditions and suggesting key strategies, including expanding policy finance for small and medium shipbuilders.

Busan Metropolitan City plans to continuously pursue executable projects derived from each division’s activities and to proceed without setbacks in policy and institutional improvements aligned with national policies.

Lee Jun-seung, Deputy Mayor for Administrative Affairs, stated, “Close collaboration among academia, industry, research, and government is crucial for Busan to become a global marine finance center,” adding, “Through this Council, we will proactively respond to the new government’s maritime policy directions and do our utmost to identify strategic initiatives that leverage Busan’s strengths.”