Park urges N. Korea to embrace reform and openness

Park vows support for Busan financial hub plan

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Published : 2014-08-22 20:44
Updated : 2014-08-22 20:44

President Park Geun-hye pledged Friday to help turn South Korea’s No. 2 city Busan into a global financial hub, building on its strong industrial base and central position in international logistics.

Park, on her third visit to the southeastern port city since taking office in February 2013, also expressed hope that Busan would provide a much-needed boost to the country’s sluggish economy through the inauguration of the Busan International Finance Center.

“Busan is an international logistics center with a solid industrial base,” she said at the center’s inauguration ceremony.

“Its fine natural landscape and rich cultural heritage give additional charm to the city.

“If it makes the most of these strengths and develops financial functions specialized in marine and derivative products, it will be able to grow into Asia’s leading financial city that is differentiated from rival cities.”

The BICF is to be home to six public institutions, including the country’s main bourse, the Korea Exchange, and the state-run debt-clearer, Korea Asset Management Corp.

“The government will provide active support to Busan, which led our economic development in the industrialization period, to help it make a leap forward as a new international financial hub in the ‘creative economy’ era,” Park said, referring to her campaign to create new business opportunities, industries and jobs through the fusion of information and communications technology, culture and other realms. (Yonhap)