In a further sign of Busan’s bid to stamp its place on the world maritime map a lavish ceremony was held today to showcase the new Korea Maritime Guarantee Insurance company, which has set up shop in the Busan International Financial Center (BIFC). The mayor of the city was among 150 guests at the official office opening.
The insurance firm has been invested in by Korea Development Bank, the Export-Import Bank of Korea, and a number of local shipping companies. It will provide guarantee insurance for ship purchases and loans.
BIFC is now offering a full range of maritime financing services as the city positions itself to be an East Asian maritime hub, amid stiff competition from the likes of Shanghai and Hong Kong.
Just this week Busan Bank concluded its first international shipping loan for a pair of American-bought containerships.