Hong Kong Is Unstable: Let's Bring 'Hong Kong Finance' to Busan

Busan City Accelerates Attraction of Global Financial Institutions ‥ Promotes Exceptional Benefits, Investment Immigration Program, and International Schools

An advertisement by Busan City to attract Hong Kong financial institutions. It is planned to be published in international economic magazines such as The Economist and Bloomberg.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] “Bring ‘Hong Kong Finance’ to Busan!” The Busan Metropolitan City has launched an operation to attract world-class financial institutions based in Hong Kong to Busan.

Recently, with the enactment of the Hong Kong National Security Law and the expected strengthening of China’s control over Hong Kong, the United States has responded by repealing the Hong Kong Policy Act, which excludes privileges for Hong Kong, causing turmoil in the Hong Kong situation.

In response, Busan City is pursuing the revitalization of the financial city through a proactive strategy, such as attracting global banks located in Hong Kong to Busan, amid the unstable internal and external situation following last year’s Hong Kong protests and COVID-19.

Busan City has reorganized marketing materials for overseas investment briefings that it has promoted so far, and in cooperation with related organizations such as public institutions located in BIFC, it has carefully selected target institutions based in Hong Kong.

For these targets, Busan City has continuously conducted untact marketing using online video platforms. When the entry restrictions to Hong Kong are lifted in the future, one-on-one company visits and local investment briefings are also planned. In addition to advertisements in overseas economic media such as The Economist and Bloomberg, mobile app advertisements will be expanded to further increase the exposure frequency of Busan as a financial hub.

On the 18th at 5 p.m., the city will hold a Busan Financial Hub IR using the global marketing program of Z/Yen and networking with over 10,000 member companies. Then, in July, an online investment briefing will be held targeting institutions based in Hong Kong using the online video platform Webinar.

In July, when the Busan International Financial Promotion Institute, a public-private cooperative financial specialized institution, opens and the lineup of marketing and financial experts is established, the attraction of overseas financial institutions to Busan is expected to gain further momentum.

Byun Sung-wan, Acting Mayor of Busan, stated, “We will further strengthen efforts to attract global financial companies based in Hong Kong to the Busan financial hub and definitely achieve results,” adding, “We will do our best to enhance the status of Busan as a financial hub through more active promotional activities.”