The concept of a maritime capital is no longer a policy limited to ports and marine industries, according to a new analysis. It argues that ahead of the Arctic shipping route era, Busan must expand the vision into a comprehensive urban strategy that ties together its economy, urban space, tourism, education, welfare and environment.
According to the BDI Policy Focus report "How Does the Maritime Capital Transform All of Busan?" released Thursday by the Busan Development Institute, the city must redesign its maritime capital strategy into a citywide development strategy if it is to emerge as a new national growth axis amid the dominance of the greater Seoul area and the crisis of regional extinction. The institute assessed that while Busan has secured world-class port infrastructure and transshipment competitiveness, those achievements have not been sufficiently connected to residents' lives and the regional economy.
The report identified the commercialization of the Arctic route as a decisive turning point for Busan. When the Arctic route opens, the Korea Strait off Busan is highly likely to emerge as a key hub of global maritime traffic. The institute analyzed that the Busan-Rotterdam route, currently 20,700 kilometers via the Suez Canal, could be shortened to about 12,700 kilometers using the Arctic route, cutting travel time by around 10 days. It also forecast that if the Korea Strait rises as a central strait of the world, high-value-added marine service industries such as maritime finance, maritime law and shipping brokerage could grow alongside it.
The institutional foundation is also being established. With the enactment of the "Busan Maritime Capital Special Act," Busan has secured the legal status of a maritime capital, and institutional mechanisms such as support for relocating agencies and the designation of marine-specialized districts have been prepared. The report projected that if these are combined with the relocation of the Ministry of Oceans and Fisheries to Busan, the opening of an international maritime commercial court, the strengthening of investment functions in the southeastern region, and the relocation of shipping companies such as HMM, the city could leap forward as a maritime hub city where administrative, judicial, financial and corporate functions are clustered.
The institute presented six pillars as the changes that completing the maritime capital would bring. First, it said Busan should build a new marine economy hub linked to an Arctic route platform by creating a maritime finance and knowledge belt in the Munhyeon-North Port area and a marine special zone belt in Yeongdo. It proposed enhancing global supply chain competitiveness through a tri-port system connecting the new Gadeokdo airport and the Busan New Port, and pursuing a resident-focused urban transformation through spatial restructuring and expanded transport networks linking the old downtown, western Busan and eastern Busan.
In the tourism sector, it presented a strategy for a stay-oriented tourism city that combines marine MICE and content. The plan also envisions creating a marine culture and tourism belt connecting North Port, Gwangalli and Yeongdo to spread tourism across the entire city. At the same time, it stressed that Busan should cultivate convergence talent in areas such as maritime finance, marine insurance, maritime law and marine artificial intelligence (AI), and strengthen "All-Care Busan" and urban resilience through integrated care, expanded public healthcare, and the establishment of a green city and smart disaster management system.
"Until now, Busan has grown into a world-class port city, but there has been a limitation in that the port's achievements have not spread sufficiently to residents' lives," said Heo Yoon-soo, senior research fellow at the institute. "Going forward, the maritime capital must be pursued as Busan's future strategy that connects jobs, transportation, tourism, education, welfare and the environment into one, beyond a policy of growing the port."
