Busan, the largest transshipment port in Northeast Asia, must utilize technology and adopt innovative ship financing business as well as increasing exchanges with neighboring cities in order to be further developed, industry leaders and experts emphasize.
Speaking at the 2017 World Knowledge Forum in Busan, Seo Byung-soo, the Mayor of Busan City, stated that in compliance with the need for further advancement, an adaptation in the new needs is crucial. For this reason, Busan will explore the possibility of creating an economic zone between Russia’s Vladivostok, Japan’s Fukuoka, China’s three northeast provinces and Mongolia’s Ulaanbaatar, Seo Byung-soo added.
From his part, John Elliott, CEO of Busan New Container Terminal (BNCT), appeared optimistic, saying that the city’s priority to find the best infrastructure for the shipping industry, increases the chance of Busan to adopt new technologies.
Furthermore, Nick Brown, Lloyd’s Register’s marine and offshore director, noted that the industry has been left behind from the digitalization era and therefore is very important for it to develop new technologies through cooperation with academia.
Lee Kang-gi, professor at Korea Maritime and Ocean University, appeared in the same wave-length as Nick Brown, saying that Busan must use its highly educated talents.
Finally, another important aspect that needs to be specifically managed is the opportunities that have risen in the ship financing business, experts underlined.
Thibaud Escoffier, head of shipping and offshore finance at Credit Agricole, suggested Korea should adopt the shipping financial leasing business with Korean large institutional investors participating in the business in order to exploit the opportunities.
