Busan City to Invest 6.7 Trillion Won Over 5 Years to Enhance Maritime Industry Competitiveness

Busan City has announced a plan to invest 6.7 trillion won over the next five years to boost the competitiveness and innovate the structure of its maritime industry. This initiative will be implemented from 2026 to 2030 as part of the '4th Comprehensive Maritime Industry Development Plan.' The plan, established by relevant ordinance, serves as a medium- to long-term roadmap outlining the direction and execution strategies for maritime industry policies over the next five years.

The plan focuses on simultaneously advancing the industry's structure and reorganizing its functions in response to the policy shift of relocating the Ministry of Oceans and Fisheries to Busan. The city has set 'Busan: A Global Maritime Hub City' as its vision, presenting sustainability, digital innovation, and strengthening global competitiveness as core values.

To achieve this, a total of 6.7469 trillion won will be invested across seven sectors, 22 strategic initiatives, and 48 projects. The investment will concentrate on fostering key industries such as shipping, port logistics, maritime finance, marine environment and safety, fisheries, marine science and technology, shipbuilding and offshore plants, and marine tourism, leisure, and sports. Busan City aims to elevate its urban competitiveness by transforming the maritime industry from a single sector into a complex industrial structure integrating administrative, financial, and judicial functions.

Busan Mayor Park Heong-joon stated, "Busan possesses ample potential as the central city of the maritime capital region." He added, "We will strengthen our standing as a global maritime hub city by driving industrial innovation and advancement based on this comprehensive plan."