Busan News

Busan, South Korea — The real estate market in Busan is facing significant challenges as of August 2024, due to a combination of economic pressures, demographic shifts, and an oversupply of new apartment units. These factors contribute to a complex and uncertain outlook for the city's property market, raising concerns among investors, homeowners, and policymakers. The situation in Busan contrasts sharply with the bullish market trends seen in Seoul, highlighting the divergent fortunes of South K

Busan, South Korea – The City of Busan has announced an update to its transportation policy: starting January 10, 2025, the toll fees for the Baekyang Tunnel will be removed. This decision follows the expiration of the current management contract with the private operator on January 9, 2025, marking the end of the toll collection period. The Baekyang Tunnel, which has served as a crucial route connecting the western and central parts of Busan since its opening in 2001, has long been a toll road

Busan, South Korea's second-largest city, is currently facing a critical economic challenge as its regional gross domestic product (GRDP) has dipped below 5% of the national total for the first time. Recent data released by Statistics Korea underscores the severity of this issue, revealing a steady decline in Busan's economic contributions over the past two decades. This downturn highlights deep-seated problems within the city’s industrial structure, necessitating immediate and strategic interve

Busan, South Korea – The 37th International Geological Congress (IGC 2024) has officially commenced in Busan, South Korea. Running from August 25 to 31 at BEXCO, this congress marks the first time South Korea has hosted this prestigious event, which is often referred to as the "Geological Olympics." It is the first time the congress has been held in East Asia in 28 years, drawing over 7,000 participants from 121 countries, making it the largest gathering in the history of the congress. One of t

Busan, South Korea — The first rice harvest of the year in Busan has officially begun, marking a significant moment for the region's agricultural community. On August 26, local farmer Kim Kyung-yang, 71, will start reaping the early-maturing Haedam rice variety in his field in Jukdong-dong, Gangseo-gu District. The harvest comes just in time for Chuseok, South Korea’s major autumn festival, when freshly harvested rice is traditionally used in various ceremonies and feasts. Busan’s rice farming

Busan, South Korea - The City of Busan has unveiled a forward-looking urban renewal initiative aimed at combating the challenges of urban decay and ensuring sustainable development across the city. The "2035 Busan Urban Regeneration Strategy Plan," set to be completed by July 2025, marks a significant step in transforming Busan into a vibrant, inclusive, and globally competitive city. Busan's urban regeneration strategy is deeply rooted in the need to combat the pressing issue of urban decay, w

Busan, South Korea - Busan Metropolitan City has made a significant shift in its approach to the controversial Gudeok Stadium redevelopment project, announcing plans to directly incorporate citizen feedback into the decision-making process. This move follows sustained opposition from local residents and civic groups, who have long criticized the city’s redevelopment plans for prioritizing commercial interests over the preservation of public spaces. The city’s new commitment to greater transparen

Busan, South Korea — On August 20, 2024, Busan took a significant step towards realizing its ambition of becoming a global logistics and industrial hub by launching a citizen debate series focused on the city's strategic development. The first event, held at the National Assembly Busan Library, centered on Western Busan and attracted over 300 participants, including Mayor Park Heong-joon, national assembly members, western district mayors, and prominent academics. Western Busan, which includes

The issue of welfare dependency in South Korea has become a critical topic of discussion, especially with the release of the 2023 data on the National Basic Livelihood Security Program (NBLS). This program, which serves as the cornerstone of South Korea's social safety net, aims to provide financial support to the country's most vulnerable populations. However, the data reveals significant regional disparities, with Busan emerging as one of the cities most affected by welfare dependency. With a

Busan, South Korea – Busan is taking a significant step in its quest to become a global hub city with the launch of Festival Shi-Wol, an event combining exhibitions and conventions across six dynamic sectors. Scheduled from September 30 to October 8, 2024, this festival aims to fuse innovation, culture, and business, inspired by internationally renowned events such as South by Southwest (SXSW). South by Southwest (SXSW) is a major annual festival held in Austin, Texas, known for its unique blen

Busan, South Korea – As the highly anticipated 2024 Busan International Rock Festival approaches, the city of Busan has revealed its fourth and final round of performers, adding to the excitement of one of Korea’s longest-running rock festivals. The festival is set to take place from October 4 to October 6 at Samnak Eco Park, bringing together a blend of global and local talents for a three-day musical extravaganza. The headline acts for the festival include renowned British rock band Kasabian,

Busan, South Korea — Busan City conducted a public briefing on August 14th at the Gadeokdo Administrative Welfare Center in Gangseo District, focusing on the "Gadeokdo Airport Complex City Development Project." This briefing was organized to address local residents’ questions and concerns, providing a detailed update on the project’s progress, especially following recent changes in the layout of the Gadeokdo New Airport. The Gadeokdo Airport Complex City Development Project is a major urban dev