Busan is good

City to vitalize its economy

Contents

Local production and exports on the rise

Busan is witnessing a continuous increase in exports, industrial output, operation rate and container cargo volume, which signifies that the economy is continuing to grow.

In a bid to maintain this trend, the city will actively take steps to vitalize the local economy.

Along with the creation of an industrial complex, the city will also make all-out efforts in carrying out various measures, including the expansion of the use of local products. It will also give local construction firms preferential treatment for subcontracting and will aim to quickly settle civil complaints filed by companies, including the approval of plant construction.

 ■ Boosting Busan's economy -- Busan's exports in July totaled 910 billion won ($980 million), a year-on-year increase of 35.4 percent, thanks to the performance of flagship items such as ships, steel products and marine products.

Industrial output also saw a year-on-year increase of 13.9 percent as steel, automobile, ship and fabricated metal sectors maintained steady growth.

Consequently, the operating rate of small-and medium-sized businesses increased to 86.2 percent, up 6.2 percent. Since February 2006 when it surged to over 80 percent, the operating rate has shown a steady increase.

The number of new companies, mostly in the distribution, realty service, manufacturing and construction sectors, added up to 1,923, a year-on-year increase of 19.5 percent. The cargo volume handled at Busan Port increased 16.5 percent.

 ■ All-out effort to vitalize the economy -- The city plans to carry out more aggressively its policy for the vitalization of the local economy. It also plans to publicize its growing economy so that Busan citizens can be confident that the local economy will quickly recover. The first topic at the senior staff meeting on Aug. 3 was titled "Vitalization of the Local Economy."

To this end, Busan City plans to purchase products manufactured by small-and medium-sized companies in order to promote their business activities. It also plans to conclude within this year the project for strengthening the competitiveness of traditional markets in terms of facilities and management.

The source of news : Dynamic Busan