Busan, Yeongnam, South Korea

🇰🇷 Busan, formerly Pusan and now officially known as Busan Metropolitan City, is South Korea's second-most populous city. It is the economic, cultural and educational centre of south-eastern South Korea, with its port—Korea's busiest and the sixth-busiest in the world. The surrounding "Southeast Economic Zone" is South Korea's largest industrial area.

Busan is divided into 15 major administrative districts and a single county, together housing a population of approximately 3.6 million. The full metropolitan area, the Southeastern Maritime Industrial Region, has a population of approximately 8 million. The most densely built-up areas of the city are situated in a number of narrow valleys between the Nakdong and the Suyeong Rivers, with mountains separating most of the districts. The Nakdong is Korea's longest river and Busan's Haeundae Beach is also the country's largest.

Busan is a centre for international conventions, hosting APEC in 2005. It is also a centre for sports tournaments in Korea, having hosted the 2002 Asian Games and FIFA World Cup. It is home to the world's largest department store, the Shinsegae Centum City. Busan was added to the UNESCO Creative Cities Network as a "City of Film" in December 2014.

Geography Busan is located on the South-eastern tip of the Korean Peninsula. It is located on the coast, which determined the development of the whole city itself. Busan borders low mountains on the north and west, and the seas on the south and east.

Economy Busan is the 2nd largest city in Korea, a maritime logistics hub in Northeast Asia with its world-class mega ports, and a gateway to the Eurasian continent. In 2017, the maritime city recorded a GRDP of US$758.4 billion with a per capita GRDP of US$22,000. The city's economy is made up of the service industry (70.3%), manufacturing (19.8%), construction (5.9%), agriculture & fisheries (0.8%), and other sectors (3.2%).

As the 6th largest port in the world, the port of Busan processed 21.81 million TEU of container cargo volume in 2020. The port's container terminal has 43 berths - 20 berths at the North Port, and 23 berths at the Busan New Port (including 2 multi-purpose berths). The port is part of the 21st Century Maritime Silk Road that runs from the Chinese coast to Singapore, towards the southern tip of India to Mombasa, from there through the Red Sea via the Suez Canal to the Mediterranean, there to the Upper Adriatic region to the northern Italian hub of Trieste with its connections to Central Europe and the North Sea.

Moreover, the city is a centre of marine science and R&D, and home to a number of relevant institutions, such as the Korea Maritime Institute (KMI), the Korea Institute of Ocean Science and Technology (KIOST), the National Fishery Products Quality Management Service, the Korea Hydrographic and Oceanographic Agency (KHOA), and the Korea National Maritime Museum, located in Dongsam Innovation Complex in Yeongdo-gu district. Moreover, the International Federation of Freight Forwarders Associations (FIATA) World Congress is scheduled to be hosted in Busan in 2020.

The city is also known for its global MICE (Meetings, Incentives, Conferences, and Exhibitions) industry. The city is ranked 5th in Asia and 10th in the world in terms of the number of international conferences hosted in the city. The city's convention and exhibition zone has excellent conditions and infrastructure to host large-scale international events, which includes BEXCO in Centum City, Nurimaru APEC House, and hotels nearby natural environments. Major international conferences in Busan include the 2005 APEC Economic Leaders' Meeting, ASEAN–Republic of Korea Commemorative Summit 2014, and 2018 African Development Bank Group Annual Meetings.

Moreover, Busan is also a centre of finance. Korea Exchange (KRX), Korea's sole securities exchange operator, is headquartered in Busan. The city is home to a number of financial institutions, such as the Korea Technology Finance Corporation, Korea Asset Management Corporation, Korea Housing-Finance Corporation, Korea Housing & Urban Guarantee Corporation, Korea Securities Depository, Korea Maritime Guarantee Insurance, Maritime Finance Center, The Korea Shipping and Maritime Transportation Co., Ltd, Korea Asset Management Corporation, and BNK Financial Group.

Commercial areas are dispersed throughout the city near busy intersections and adjacent to university campuses, but the two largest central business districts in Busan are Seomyeon and Gwangbok-dong/Nampo-dong. There are also four substantial shopping areas of note: Seomyeon, Gwangbok-dong, Busan Daehak-ga in Jangjeon-dong, and Centum City in Haeundae-gu.

Seomyeon is the crossroads of Busan. The local subway station serves two lines and is one of the busiest in the city. Seomyeon subway station is also home to a large number of underground shops, selling a variety of products, predominately clothing and footwear. These are small boutique shops, selling locally produced products. The local head offices of Korean and international banks are located in Seomyeon. It is recognised as the ascendant shopping and entertainment district. It is also home to "Seomyeon Medical Street", the district encompassing the 1 km-radius range around Lotte Department Store in Seomyeon and the Buam subway station. The Street is home to a total of 160 cosmetic and other medical clinics, including those specialising in cosmetic surgery, dermatology, ophthalmology and dentistry. Directly adjacent to Seomyeon is Bujeon Market, the largest traditional market in the city.

The Gwangbok-dong, Nampo-dong, and Jungang-dong areas form the old central business district. Some of the restaurants in this district use family recipes passed down the generations. Jagalchi Market, a large seafood market, is located in this area. The Gukje Market is also nearby. Jungang-dong is the home of many international law offices, the old Immigration Office, and the international ferry terminal serving Japanese routes. Lotte World II is currently under construction along the water between Jungang-dong 7-Ga and 8-Ga.

Centum City, an industrial complex, is a popular new shopping area with luxury department stores.

Busan has many major department stores, including Lotte Department Store (located in Seomyeon, Centum City, Gwangbok-dong and Dongnae), Lotte Premium Outlet (in Gimhae and Gijang), Shinsegae Premium Outlet (in Gijang), as well as large supermarket chains across the city, such as Homeplus, e-mart, and Costco.

Busan's major 5-star hotels include: The Westin Chosun Busan, Paradise Busan, and Park Hyatt Busan. In 2017, the 7-star Hilton Hotel and Ananti Cove resort opened in the Osiria Tourism Complex, Gijang-gun district.

Universities with graduate schools • Busan University of Foreign Studies (BUFS) • Busan Presbyterian University • Busan National University of Education (BNUE) • Catholic University of Pusan • Dongseo University • Dong-A University • Dong-eui University • Friedrich-Alexander University Busan Campus (German University in Korea) • Inje University – Busan Campus • Kosin University • Korea Maritime and Ocean University • Kyungsung University • Pukyong National University (PKNU) • Pusan National University (PNU) • Silla University • Tongmyong University • Youngsan University.

Other institutes of higher education • Busan Arts College • Busan Institute of Science and Technology (BIST) • Busan Kyungsang College • Busan Polytechnic College • Daedong College • Dong-Pusan College • Dongju College • Korea Institute of Maritime and Fisheries Technology.