Busan is good

Busan to see brighter economy this year

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Double-digit exports growth and jobless rate below 4% predicted

Busan is expected to see a "renaissance of its regional economy" this year, following the double-digit growth of exports in 2007.

The Busan City is determined to contain the jobless rate below 4 percent this year, by carrying out 10 major economyrevitalization tasks such as the expansion of industrial complexes and the attraction of foreign direct investment.

Busan saw a jobless rate of 3.9 percent last year 4.2 percent in the first quarter, 3.9 percent in the second and 3.8 percent each in the third and final quarter, the lowest since 2002 when it hosted the Asian Games and the nation hosted the Korea-Japa FIFAWorld Cup soccer finals.

Manufacturers in Busan exported more than $10 billion worth in 2007, a first in the city's trade history, up 25.5 percent from the previous year. Its share to the nation's total exports also increased from 2.5 percent to 2.7 percent during the period.

They exported to 196 countries. China was the largest importer with $1.34 billion, or 14.8 percent of the total shipment by Busan manufacturers last year, followed by Japan with $1.04 billion, or 11.5 percent, and the United States with $919 million, or 10.2 percent.

The city plans to handle 14.2 million cargo containers of 20-foot equivalent unit (TEU) at its ports this year, up 7 percent or 900,000 more than the 13.3 million TEUs handled in 2007, according to The Busan and the Busan Port Authority. The Busan City achieved the 13 million mark for the first time last year, thanks to overall growth of marine cargo volume and an improved competitive edge.

The metropolitan government is planning to expand its port's container handling capacity this year, by completing a 1,100-meter-long pier with four berths in the north of the new container port.

The source of news : Dynamic Busan