BUSAN, South Korea – The 'Financial hub project', which the city of Busan has been hard at work on, is now gaining momentum. Now that the 'Amendment on the Construction & Development of the Financial Hub' has finally passed the National Assembly, on Sept. 16th, after a 2-year delay, Busan's Munhyeon Financial Complex can find a way to receive subsidies from the government. The law will be enacted in March 2012, after a 6-month proclamation period, and activities to attract financial institutions and related companies to the Munhyeon Financial Complex are likely to increase in number.
The city of Busan expects this momentum not only to promote the Munhyeon Financial Complex, but also to assist with new job creation efforts as investments from financial institutions and related companies inside & outside Korea flow into Busan.
Meanwhile, the Mayor of Busan, Heo Nam-sik, said "This will lead Busan's economy towards higher growth as it strengthens its base for fostering a Northeast Asian financial hub."