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BIFC Busan International Finance Center
June 4, 2015
Whang Sam-Jin, HEAD of BIFCPC
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B I F C
Busan International Finance Center
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Busan
S t r e n g t h s
Population (2014)
Area (2012)
GRDP (2012)
Busan 3.5
million ( 6.9 % )
766 km²
( 0.8 % )
USD 59 billion
( 5.0 % )
South-Eastern Area
8.0 million
( 15.7 % )
12,347 km²
( 12.3 % )
USD 215 billion
( 18.0 % )
* Figures in parentheses are percentage of national total
◊ The Greatest Port in Korea
The 2nd City in Korea
B I F C
Busan International Finance Center
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Busan
S t r e n g t h s
◊ Origin & Destination of New Silk Roads in 21C
Now, developed multimodal
transport system (Sea-Air-Land)
Crossroad on North American Route,
European Route
Future, Transcontinental Railways
(TSR, TCR, TMR)
And Arctic Route : sailing period
shortened by 40%
- Busan → Rotterdam : 24 Days
→ 14 Days
B I F C
Busan International Finance Center
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Busan
S t r e n g t h s
◊ World’s 5th Container Port,
Free Economic Zone
Busan New Port with 23 berths (45 berths
by 2020), Busan Port with 22 berths
Busan-Jinhae Free Economic Zone,
global business cluster
Logistics centers in the hinterland
B I F C
Busan International Finance Center
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Busan
S t r e n g t h s
◊ Cluster of Shipbuilding, Mechanical & Automobile Industry
In the world, 1st shipbuilding
(Over 30% of world’s orders)
In Korea,
91% of shipbuilding,
38% of automobile,
36% of mechanical industry
Supply base of parts and materials
in Korea
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B I F C
Busan International Finance Center
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B I FC
O v e r v i e w
◊ World’s 5th container port ◊ World’s top 6 shipbuilders nearby ◊ Largest fishery trade market in NEA
Maritime Finance Hub
◊ Headquarters of KRX Located
- Developed derivatives market
Derivatives Hub
B I F C
Busan International Finance Center
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B I FC
O v e r v i e w
◊ Maritime Finance : Market share 0.12%(’09) → 20%(’20)
◊ Derivatives : Recover 1st rank in the world (exchange trading), Rank 3rd in NEA (OTC trading by 2020)
GOALS
VISION ◊ Financial Hub City - Specialized in Maritime Finance & Derivatives
PLANS
◊ Step by Step (NEA Market → Global Market) ◊ Competitive Advantage (Ship finance, Derivatives, Backoffice) ◊ Establish Infrastructure for Financial Hub (Network, Environment) ◊ Enhance Financial Hub Image
B I F C
Busan International Finance Center
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B I FC
O v e r v i e w
◊ Period: 2009~2014 ◊ Facilities: a 63-story Tower, and 3 independent premises
◊ Location: Munhyeon Area ◊ Land Space: 102,352m2
◊ Height: 289m
◊ Tenants (2015.5) 24 financial firms (public and private)
2nd Phase Development Plan
is ready to start now
B I F C
Busan International Finance Center
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B I FC
O v e r v i e w
Division Total Headquarter Regional
Headquarter Branch
Public
Firm
Private
Firm
Bank 7 1 2 4 2 5
Asset
Management 3 1 2 3
Guarantee
/Insurance 6 3 2 1 4 2
Infra Institution,
etc. 7 4 1 2 4 3
Total 23 9 5 9 10 13
B I F C
Busan International Finance Center
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B I FC
O v e r v i e w
◊ Marine Finance Center Consolidated organization of maritime finance parts of three Korean poliy FIs. ( KEXIM, KDB, KSURE ) Total outstanding of maritime finance by the 3 policy FIs as of the end of 2013 is around USD 60 billion, or more than 90% of the Korean total
◊ Korea Shipping Guarantee New insurance company established in December 2014
◊ Ship Management Companies 3 ship management companies relocated into the BIFC
This maritime cluster will lead commercial
banks to increase their maritime finance.
B I F C
Busan International Finance Center
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B I FC
O v e r v i e w
Busan Ranked 24th in GFCI 17 by the Z/Yen Group
▶ In the GFCI 17(March 23, 2015), Busan ranked 24th among the world’s 82 financial centers.
▶ Among others, Busan ranked 3rd following Shanghai and Singapore of the centers, which financial experts consider likely to become more significant in the next few years.
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B I F C
Busan International Finance Center
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I n c e n t i v e s
Suppor t ing P lans
Corporation Tax Exemption (new comers except for relocation within Korea)
50% exemption for 2 consecutive years
100 % exemption for 3 years
Financial Support (new comers including relocation within Korea)
◊ Entrance subsidy: 50% of the cost to purchase land or building or rent them (limit : 5 billion won) ※ excluding branches ◊ Employment subsidy: Up to 600,000 won per person (limit : 200 million won, 6 months) ◊ Training subsidy: Up to 600,000 won per person (limit : 200 million won, 6 months) ◊ Business facility installation subsidy : Up to 10% of the cost (limit : 1 billion won)
A d m i n i s t r a t i v e S u p p o r t
I n f r a
B I F C
Busan International Finance Center
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Foreign Financial Organizations
Types Targets
Description
Establishment of HQ/ Regional HQ Establishment of Branch
Relocation of HQ/ Regional HQ within Korea
Relocation of Branch within Korea
(Overseas >Busan) (Other place >Busan)
Corporate Tax/ Income Tax
Financial institution with an investment of over 2 billion KRW and more than 10 regular workers
100% tax exemption for 3 years from the first tax year when the first income is made, 50% for the next 2 years
Not applicable
Property Tax
100% tax exemption for 3 years from the first date when tax liability is formed
Not applicable
Acquisition Tax
100% tax exemption for acquired property within 15 years from establishment date of business
Not applicable
Entrance Subsidy
Financial institution which establishes Regional Headquarters managing more than 3 countries, or Headquarters
Up to 50% of the expenses to purchase land or buildings or rent(Up to 5 billion Won per institution)
Not applicable
Up to 50% of the expenses to purchase land or buildings or rent(Up to 5 billion Won per institution)
Not applicable
Employment Subsidy
Financial institution with more than 10 regular workers for the last 3 months
Up to 600,000 Won per new employee after movement to BIFC (for up to 6 months, up to 200 million Won per institution)
Education/ Training Subsidy
Financial institution with training for more than 1 month to recruit more than 10 Korean employees
Up to 600,000 Won for education/training per new employee after movement to BIFC (for up to 6 months, up to 200 million Won per institution)
Business Facility Installation Subsidy
Financial institution with more than 10 regular Korean employees
Up to 10% of the expenses required for installation of business facilities (up to 1 billion Won per institution)
B I F C
Busan International Finance Center
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I n c e n t i v e s
Suppor t ing P lans
A d m i n i s t r a t i v e S u p p o r t
◊ Busan Metropolitan City
◊ Busan International Financial City Promotion Center
◊ Financial Supervisory Service etc.
Cooperative working system to assist in approval / permits
◊ Residential, medical and educational services, etc.
And provides personal guidance services
I n f r a
B I F C
Busan International Finance Center
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I n c e n t i v e s
Suppor t ing P lans
A d m i n i s t r a t i v e S u p p o r t
I n f r a
Gimhae International Airport
◊ Serve 694 flights a week to 31 cities
in 11 nations
Construction of new int’l airport is under discussion
B I F C
Busan International Finance Center
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I n c e n t i v e s
Suppor t ing P lans
A d m i n i s t r a t i v e S u p p o r t
I n f r a
◊ KTX station is located near BIFC
◊ Connected to urban
expressways
◊ Convenient transportation
system : Buses, Subways, Taxes, etc.
Access to Busan International Finance Center...
B I F C
Busan International Finance Center
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I n c e n t i v e s
Suppor t ing P lans
A d m i n i s t r a t i v e S u p p o r t
I n f r a
◊ 5 foreign schools in operation : Busan Japanese School, Busan Chinese School, International School of Busan, etc.
◊ 11 special-purpose high schools and 1 self-independent school ◊ 22 universities and Friedrich-Alexander University Busan Campus
B I F C
Busan International Finance Center
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I n c e n t i v e s
Suppor t ing P lans
A d m i n i s t r a t i v e S u p p o r t
I n f r a
◊ Within 5km of the BIFC - 6 university hospitals - 1 public hospital and 9 general hospitals
High-quality medical service
◊ Plan for medical facilities - Construct international medical complex center
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