Editing Busan (section)

== Economy ==
{{more citations needed|subsection|date=March 2022}}
[[File:Ships in Busan.jpg|thumb|right|Hanjin Heavy Industries]]
[[File:Busan Port (1).jpg|thumb|right|Busan New Port]]
Busan is the second largest city in Korea, a maritime logistics hub in Northeast Asia with its world-class mega ports, and a gateway to the Eurasian continent.<ref>{{Cite web |url=http://www.geonames.org/KR/largest-cities-in-south-korea.html |title=South Korea - Largest Cities |archive-date=2018-09-04 |archive-url=https://web.archive.org/web/20180904084706/http://www.geonames.org/KR/largest-cities-in-south-korea.html |url-status=live}}</ref> In 2022, the maritime city recorded a [[GRDP]] of KRW 104 trillion<ref>{{Cite web |title=GRDP of Busan South Korea 2022 |url=https://www.statista.com/statistics/1341927/south-korea-grdp-of-busan/ |access-date=2025-02-14 |website=Statista}}</ref> with a per capita GRDP of KRW 39.6 million.<ref>{{Cite web |title=Gross regional domestic product (GRDP) per capita of Busan in South Korea in 2022 |url=https://www.statista.com/statistics/1341936/south-korea-grdp-per-capita-of-busan/ |access-date=2025-02-14 |website=statista}}</ref> 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%).{{citation needed|date=June 2022}}

As the sixth largest port in the world, the [[port of Busan]] processed 21.81 million [[Twenty-foot equivalent unit|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 Sea|Mediterranean]], there to the [[Adriatic Sea|Upper Adriatic]] region to the northern Italian hub of [[Trieste]] with its connections to [[Central Europe]] and the [[North Sea]].<ref>{{Cite web |url=https://www.hellenicshippingnews.com/can-the-new-silk-road-compete-with-the-maritime-silk-road/ |title=Can The New Silk Road Compete With The Maritime Silk Road? |access-date=9 March 2021 |archive-date=28 January 2021 |archive-url=https://web.archive.org/web/20210128210020/https://www.hellenicshippingnews.com/can-the-new-silk-road-compete-with-the-maritime-silk-road/ |url-status=live }}</ref><ref>{{Cite web |url=https://www.seatrade-maritime.com/asia/iron-silk-road-across-asia-set-receive-green-light |title="Iron Silk Road" across Asia set to receive green light |date=10 November 2006 |access-date=9 March 2021 |archive-date=27 February 2021 |archive-url=https://web.archive.org/web/20210227035713/https://www.seatrade-maritime.com/asia/iron-silk-road-across-asia-set-receive-green-light |url-status=live }}</ref><ref>Marcus Hernig: Die Renaissance der Seidenstraße (2018).</ref><ref>{{Cite web |url=https://www.southworld.net/the-maritime-silk-road-in-south-east-asia/ |title=The Maritime Silk Road in South-East Asia. |date=February 2019 |access-date=9 March 2021 |archive-date=26 February 2021 |archive-url=https://web.archive.org/web/20210226040011/https://www.southworld.net/the-maritime-silk-road-in-south-east-asia/ |url-status=live }}</ref>

Moreover, the city is a center 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 District. Moreover, the [[International Federation of Freight Forwarders Associations]] (FIATA) World Congress was hosted in Busan in 2020.<ref>{{Cite web |title=FIATA World Congress Official Press Release |url=https://fiata.org/n/busan-16-september-2022the-59th-fiata-world-congress/ |access-date=2024-12-19 |website=fiata.org |language=en}}</ref>

The city is also known for its global [[MICE (Meetings, Incentives, Conferences, Exhibitions) tourism|MICE]] (Meetings, Incentives, Conferences, and Exhibitions) industry. The city's convention and exhibition zone have 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.{{Citation needed|date=February 2025}}

Busan is also a center 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.{{Citation needed|date=February 2025}} 
[[File:Seomyeon Street.jpg|alt=|thumb|[[Seomyeon, Busan|Seomyeon]]]]
[[File:Jagalchi Market 20200523 019.jpg|alt=|thumb|[[Jagalchi Market]]]]
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, Busan|Seomyeon]] and Gwangbok-dong/Nampo-dong. There are four major shopping areas: Seomyeon, Gwangbok-dong, Busan Daehak-ga in Jangjeon-dong, and Centum City in Haeundae District.

[[Seomyeon Station]] is one of the busiest subway stations in Korea; it is the [[transfer station (transportation)|transfer station]] between [[Busan Subway Line 1]] and [[Busan Subway Line 2|Line 2]]. Seomyeon subway station is also home to a large number of underground stores, selling a variety of products, predominantly clothing, and footwear. These are small stores selling locally produced products. The local head offices of Korean and international banks are located in Seomyeon. It is recognized as the ascendant shopping and entertainment district. It is also home to "Seomyeon Medical Street", the district encompassing the 1&nbsp;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 specializing in [[cosmetic surgery]], dermatology, ophthalmology and dentistry.<ref>[http://investkorea.org/InvestKoreaWar/work/reg/eng/ne/index.jsp?no=608300004&sort_num=&code=1060506&mode=bbs&l_unit=90202&m_unit=90301&s_unit=&page=6&bno=102280078&seq=647] {{webarchive|url=https://web.archive.org/web/20120425234247/http://investkorea.org/InvestKoreaWar/work/reg/eng/ne/index.jsp?no=608300004&sort_num=&code=1060506&mode=bbs&l_unit=90202&m_unit=90301&s_unit=&page=6&bno=102280078&seq=647|date=April 25, 2012}}</ref><ref>{{cite web |url=http://www.newswire.co.kr/newsRead.php?no=574927 |script-title=ko:부산시, 제1회 서면메디컬스트리트 축제 개최 &#124; 뉴스와이어 |publisher=[[Korea Newswire]] |access-date=2013-03-12 |archive-date=2013-05-18 |archive-url=https://web.archive.org/web/20130518192410/http://www.newswire.co.kr/newsRead.php?no=574927 |url-status=live}}</ref> Directly adjacent to Seomyeon is Bujeon Market, the largest traditional market in the city.

[[File:Marine City, Busan.jpg|thumb|right|Haeundae Marine City, Busan]]
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 through 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 [[Maritime passenger terminal|ferry terminal]] serving Japanese routes.

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 hotels include [[The Westin]] Chosun Busan, Paradise Busan, and [[Park Hyatt]] Busan. In 2017, Ananti Hilton Busan opened in the Gijang-eup district.<ref>{{Cite web |url=https://www.hilton.com/en/hotels/pushihi-ananti-hilton-busan/ |title=Ananti Hilton Busan |access-date=2 March 2023 |archive-date=2 March 2023 |archive-url=https://web.archive.org/web/20230302165041/https://www.hilton.com/en/hotels/pushihi-ananti-hilton-busan/ |url-status=live }}</ref>