Busan City Enters 'Top 20 Worldwide' ... Ranked 19th in Global Smart City Evaluation

British Global Consulting Firm Z/YEN Announces Global Smart Center Index on May 25

Ranks 19th Among 77 Major Cities Worldwide, Enters Global TOP 20 and Asia TOP 3, Achieves No.1 in Korea

Busan City has successfully transitioned to a digital-centered economy, rising to rank 19th globally and 3rd in Asia as an intelligent (smart) city.

On May 25, Busan City announced that it ranked 19th among 77 major cities worldwide as a digital-centered smart city, citing the 7th evaluation of the Global Smart Centres Index (SCI).

The SCI (Smart Centres Index) ranks the competitiveness of digital-centered smart cities worldwide and is published twice a year since 2020 by Z/Yen, a global consulting firm based in London, UK.

Busan first appeared on the ranking two years ago and is the only city to have continuously risen significantly since entering the list. It debuted at 62nd in June 2021, then climbed sharply to 41st in November 2021, 27th in May 2022, 22nd in November 2022, and now ranks 19th in the 7th evaluation, entering the global top 20.

Notably, Busan ranked 3rd in Asia, following Singapore and Hong Kong, establishing itself as one of Asia’s top 3 intelligent (smart) cities and maintaining its position as the number one city in South Korea.

Looking at the overall index, London and New York, the world’s financial centers, took 1st and 2nd place respectively, followed by San Francisco in 3rd and Zurich in 4th. Asian cities in the top ranks include Singapore (6th), Hong Kong (10th), Tokyo (22nd), Shanghai (27th), Seoul (28th), and Beijing (34th).

The major city rankings are London (1st), New York (2nd), San Francisco (3rd), Zurich (4th), Lugano (5th), Singapore (6th), Hong Kong (10th), Tokyo (22nd), Shanghai (27th), Seoul (28th), Beijing (34th), Bangkok (36th), and Paris (55th).

Among the six key evaluation categories, Busan advanced two places from 15th to 13th in cutting-edge technology fields such as blockchain, artificial intelligence, and financial technology (fintech), which are core to the 4th Industrial Revolution and digital economy. In financial services, it entered the rankings at 14th, solidifying its position as an international financial hub city.

Additionally, Busan’s rise in ranking was significantly influenced by its leap to 6th place in ‘Delivery Capability,’ one of the three evaluation perspectives of the index that measures how well a city executes efforts for innovation.

Busan’s rankings by evaluation perspective are Innovation Support (24th), Creative Intensity (22nd), and Delivery Capability (6th).

Busan also ranked 1st in the Reputation category, which reflects surveys of global experts in the intelligent (smart) field, indicating high potential for future development as a world-class intelligent (smart) city.

Busan’s sustained and significant rise is attributed to the digital economic policies actively promoted since Mayor Park Hyung-jun took office, achieving the early goal of entering the world’s top 20 intelligent (smart) cities set by the ‘Digital Economy Innovation Strategy 2030.’

The Digital Economy Innovation Strategy 2030, announced in January 2022, aims by 2030 to ① enter the world’s top 20 intelligent (smart) cities, ② nurture 20,000 digital creative talents, and ③ achieve annual sales of 20 trillion KRW in new digital industries.

Centered on the ‘Digital Economy Innovation Office,’ which oversees the overall ‘intelligent (smart)’ and digital transformation of Busan’s economy, the city has attracted advanced technology companies such as Lotte Shopping (intelligent logistics), Rino Industry (semiconductor parts), Geumyang (secondary batteries), and WINS (cybersecurity), and is promoting various digital projects like the ‘Busan Digital Innovation Academy,’ reflecting future expectations both directly and indirectly.

Furthermore, Busan is building various digital infrastructure, including the full-scale promotion of the Haeundae Centum 2 District Urban Advanced Industrial Complex, establishing a quantum information technology ecosystem, operating the ‘Busan Big Data Innovation Center,’ and creating a ‘Green Data Center Cluster.’ The city is also pushing for the establishment of a digital asset exchange and the creation of a blockchain-specialized alliance district (cluster), laying the foundation for a global digital financial hub city and aiming to maintain its current upward momentum.

Mayor Park Hyung-jun emphasized, “Since taking office, the transition to a digital economy has been successfully underway. We will continue to innovate the digital economy, fostering new industries and creating new jobs to transform Busan’s economic structure.”

He added, “We will lead digital innovation across all sectors of society, from mega projects like the 2030 Busan World Expo bid to citizen-centered policies such as the 15-minute city, firmly establishing Busan’s position as a world-class intelligent (smart) city.”