Economy
Busan is the fifth busiest seaport in the world, with transportation and shipping among the most high profile aspects of the local economy. Since 1978, Busan has opened three container ports including Jaseungdae, Shinsundae, and Gamman. Busan has one of the world's largest ports and can handle up to 13.2 million TEU shipping containers per year.
The Busan-Jinhae Free Economic Zone Authority, one of two such administrations (the other in the harbor of Incheon), was created to reassert Busan's status as a traditional international trading centre. The port attracts ships from all over the globe and the surrounding area aspires to become a regional financial centre.
Korea Exchange (KRX), Korea's sole securities exchange operator, is headquartered in Busan.
Busan is the home of the headquarters of Renault-Samsung Motor, Hanjin Heavy Industries, Busan Bank, Air Busan, Hi Investment & Securities, Woori Aviva Life Insurance, Korea Technology Finance Corporation, Korea Asset Management Corporation.
Jagalchi Fish Market is the largest fish market in Korea.
Busan is ranked the fourth best city after Singapore, Seoul and Tokyo among Asia's top convention cities in a 2011 global ranking by the International Congress and Convention Association (ICCA).
Read more about this topic: Busan
Famous quotes containing the word economy:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)