Busan News

South Korea has recently announced a significant reduction in property transfer restrictions as a response to the country's housing imbalances and to address the challenges faced by both buyers and sellers in the real estate market. The Ministry of Land, Infrastructure, and Transport has revealed that the new regulations will be effective from the 7th of this month. The Property Transfer Restrictions system prevents the sale, transfer, or brokering of certain properties before a designated peri

BUSAN, South Korea - As a leading contender to host the 2030 World Expo, the city of Busan is poised to showcase cutting-edge technology, environmental sustainability, and global inclusivity. The city's ambitious plans for the expo highlight South Korea's commitment to innovation, cooperation, and cultural exchange. Hosting the World Expo is expected to have a transformative impact on Busan, with lasting economic and infrastructural benefits. The focal point of Busan's bid is the large-scale re

BUSAN, South Korea - A delegation from the Bureau International des Expositions (BIE) arrived in South Korea on April 2nd to assess Busan's potential to host the 2030 World Expo. The delegation will inspect the proposed exhibition site at Busan North Port and engage in discussions with key government, corporate, and National Assembly stakeholders. The eight-member delegation includes BIE Administration and Budget Committee President Patrick Specht from Germany, BIE Secretary-General Dimitri S.

Seoul - A delegation from the Bureau International des Expositions (BIE), the world's top intergovernmental organization overseeing world expositions, touched down at Incheon International Airport on Sunday. Led by BIE Administration and Budget Committee President Patrick Specht, the envoys arrived to assess Busan and Korea's ability to successfully host the 2030 World Expo. Upon arrival, the delegation checked in at The Shilla Seoul in central Seoul. Their itinerary includes meeting with minis

The South Korean government is expediting the second phase of the North Port project, with a new target completion date set for 2027—two years ahead of the original schedule. The Ministry of Oceans and Fisheries, along with the Busan Port North Port Redevelopment Integrated Development Project Team, are working diligently to streamline administrative procedures and initiate construction by the first half of 2023. The accelerated timeline aims to prepare the site for the prestigious 2030 Busan Wo

In early April, the city of Busan, South Korea, will host numerous events expressing the city's desire to host the 2030 World Expo, in conjunction with the International Expo Bureau's inspection team visit. The events are aimed at highlighting the enthusiasm of Busan's citizens and showcasing the city's preparations. Busan Mayor Park Heong-joon announced that various events, reflecting the city and its districts' efforts in urban environment improvement, safety management, transportation, and p

The Busan city announced that the construction of a tunnel connecting the neighborhoods of Eomgung-dong in Sasang-gu district and Jungang-dong in Jung-gu district is set to commence in 2024, with an expected completion date of 2029. The Seunghak Tunnel project, a private investment initiative, recently passed the deliberation of the Ministry of Economy and Finance's Private Investment Project Review Committee. Following the designation of project implementers in mid-April, the city government w

A consortium led by Daewoo Engineering & Construction has acquired the Namcheon-dong Mega Mart site, located near Busan's famous Gwangandaegyo Bridge, for KRW 632.8 billion (approximately USD 564 million), as reported in a statement by Busan City Gas, the property's owner. The 30,606 square meter property, which includes a building area of 5,867 square meters, was finalized with a 10% deposit, with the remaining balance to be paid by May 23 next year. The acquisition has sparked speculation abo

A recent survey conducted in Busan, South Korea, reveals varying rates of private Hagwon(private educational institute or school) usage and study habits among elementary and middle school students across different districts of the city. The Busan Metropolitan City Office of Education has interpreted these findings as a sign that students in the western districts rely more on public education and spend less time studying than their peers in the central and eastern districts. In response, the Bus

In Busan, South Korea, a recent survey conducted by the Busan Chamber of Commerce and Industry found that a significant number of employees nearing retirement age are planning to re-enter the workforce after they retire. This trend, which may have implications for the broader global workforce, comes as many countries face the challenges of an aging population. The survey, titled 'Survey on Employment Status and Activation Measures for the Elderly in Busan,' included 200 employees aged 55 and ol

Busan, South Korea - The International Film Business Academy, a regular program of the Busan Asian Film School (AFis), celebrated its matriculation ceremony yesterday, welcoming new students, faculty, staff, and officials from Busan Metropolitan City. Established in October 2016, AFis is an educational institution designed to develop and support producer-oriented professionals in the Asian film industry. To date, the school has produced 119 graduates from 26 countries. This year, 17 students fr

Busan, South Korea - The city of Busan held its "1st 15 Minute City Vision Tour Season 2" event yesterday at the Saha-gu Office Auditorium. The event aimed to identify key projects for the speedy implementation of the 15-minute city concept by increasing community interest and participation. The 15-minute city is an urban planning concept where residents can access essential services and amenities within a 15-minute walk or bike ride from their homes, promoting sustainability, livability, and so