BUSAN ATTRACTS FOREIGN FINANCIAL CORPORATIONS

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Busan attracted six foreign financial corporations simultaneously for the first time in ten years since Korea’s second largest city was designated a financial hub. This is touted as a meaningful achievement made during a worldwide economic slump caused by the COVID-19 pandemic.

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This is a Hong Kong-based investment management company that has provided consulting services for some 800 international corporations since its founding in 2001. This company will open an overseas branch in Busan next year. Citibank is also headed to Busan. The U.S.-based financial institution will be in charge of foreign currency securities deposits together with the Korea Securities Depository that has already relocated to Busan. Four other well-known financial corporations from four countries, including Israel and Indonesia, will also move into the Busan International Financial Center. These financial institutions all specialize in blockchain and financial technologies. This is the first time in 10 years that foreign companies opened their offices in Busan since the second largest city in Korea was designated as a financial hub.

[Soundbite] BYUN SUNG-WAN(ACTING BUSAN MAYOR) : "The city received letters of intent from a large number of companies as a result of actively utilizing the global media, online investment road shows, overseas video conferences and local networks."

The six foreign firms will be using the entire 63rd floor of the BIFC building. Offices will be leased for free for up to 25 years with a reevaluation every three years. If these firms are certified for financial operation within the next three years, each company will be able to recruit as many as 40 new workers. The city of Busan is looking to bring in 15 more overseas financial institutions next year. The municipal government reports that inquiries are streaming in from Southeast Asian nations.

[Soundbite] CHU SEON-WU(CEO, AGENCY TO ATTRACT FOREIGN FIRMS) : "I believe the designation of a special blockchain zone and the close proximity to other financial firms within BIFC were attractive factors."

The Busan government will provide administrative assistance measures such as housing and interpretation services so that these foreign corporations can make a smooth transition into the city.