Busan is good

Completion Ceremony Held for Phase 3 of the Busan International Financial Center (BIFC), Elevating Busan as Korea’s Digital Finance Hub

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□ Busan Metropolitan City (Mayor Park Heong-joon) announced that it will hold the “Completion Ceremony for Phase 3 of the Busan International Financial Center (BIFC)” at 2:00 p.m. today (the 29th) at the Busan International Financial Center, to commemorate the completion of the Phase 3 mixed-use development project and to begin full-scale operation of core infrastructure to further advance Busan’s role as a financial hub.

□ Phase 3 of the Busan International Financial Center (BIFC) is a mixed-use facility with five basement levels and 45 stories above ground. Construction began in March 2022, and the facility received approval for use in December 2025.
○ Designed as an integrated complex combining a knowledge industry center, office space, and civic amenities, it has confirmed tenants including about 170 companies (including around 30 offshore companies), and is expected to accommodate approximately 4,000 workers.
○ The office facilities will house public financial institutions and the International Hydrographic Organization (IHO) Infrastructure Center, further strengthening functions in both finance and maritime sectors. In particular, in conjunction with the Ministry of Oceans and Fisheries’ relocation to Busan, the cluster effect for maritime policy and industry is also expected to expand.
○ In addition, the facility includes lifestyle and cultural amenities such as ▲a workplace daycare center ▲a children’s finance library ▲community spaces, which are expected to enhance convenience for employees of tenant companies and expand access for residents.

□ The regional economic impact of this Phase 3 completion is estimated at ▲KRW 1.0495 trillion in production-inducing effects ▲5,376 jobs induced ▲4,311 employment-inducing effects. As tenant move-ins proceed in earnest, job creation and revitalization of the industrial ecosystem are expected through ▲expanded collaboration between public financial institutions and tenant companies ▲increased demand for service industries, among other effects.
○ It will also address office space shortages that public financial institutions have faced, while consolidating diverse functions—business operations, networking, education, and conventions—within a single space, thereby further strengthening the digital finance foundation of Busan’s financial hub.
○ With the attraction of the International Hydrographic Organization (IHO) Infrastructure Center, cooperation among maritime-related industries and institutions is expected to become more active, and in the long term, the move is projected to have a positive impact by expanding demand for marine finance.

□ The City has pursued comprehensive policies encompassing infrastructure, institutions, and the industrial ecosystem to strengthen competitiveness as a financial hub.
○ It has established an institutional foundation by advancing the relocation of the Korea Development Bank to Busan and securing designation as a financial opportunity development special zone, while strengthening the foundation for the financial hub by expanding the financial cluster through the completion of Phase 3 of the Busan International Financial Center (BIFC).
○ It has also enhanced competitiveness in the financial industry by promoting digital finance innovation such as fintech and blockchain and by supporting growth financing for companies, while also elevating global standing by achieving the highest ranking ever in the Global Financial Centres Index (GFCI).
○ Building on these achievements, Phase 3 of the Busan International Financial Center (BIFC) is expected to establish itself as a core base that will drive the advancement of functions as a financial hub.

□ Going forward, the City plans to promote ▲additional attraction of leading anchor companies ▲advancement of support programs for tenant institutions by strengthening linkage with initiatives such as stabilizing operations at the Busan International Financial Center (BIFC) and the financial opportunity development special zone.
○ To enable ongoing collaboration among knowledge industry center tenants, public financial institutions, and financial firms, the City will progressively implement ▲joint project development ▲tailored consulting ▲investment linkage programs, and in cooperation with related organizations, will also strengthen a one-stop support system by growth stage.

□ Mayor Park Heong-joon stated, “The completion of Phase 3 of the Busan International Financial Center (BIFC) is a pivotal turning point—a leap forward that elevates Busan’s financial hub functions to the next level.” He added, “Going forward, we will do our utmost to accelerate the attraction of financial firms and the revitalization of the industrial ecosystem so that these efforts translate into tangible outcomes residents can feel. We will also proceed without delay to ensure that additional infrastructure expansion and business support lead to meaningful results.”