Busan City said on the 29th it will hold a completion ceremony for phase three of the Busan International Financial Center (BIFC) mixed-use development.
BIFC is being created in Nam-gu's Munhyeon-dong on a 102,352-square-meter site as a "mixed-use development" and as "individual development projects" in which Korea Technology Finance Corporation (KOTEC), Busan Bank, and the Bank of Korea Busan Branch build their own headquarters buildings. In phase one, financial institutions and others moved in, and in phase two, lodging and support facilities were created.
Phase three is a mixed-use facility with five basement floors and 45 above-ground floors that broke ground in Mar. 2022 and received use approval in Dec. last year. With an integrated structure combining a Knowledge Industry Complex, office facilities, and civic space, more than 170 technology-centered corporations (digital tech corporations) have confirmed occupancy. A total of more than 4,000 people are expected to work there.
Financial public institutions and the International Hydrographic Organization (IHO) infrastructure center have moved into the office facilities. The city said that, in tandem with the transfer of the Ministry of Oceans and Fisheries to Busan, the agglomeration effects of the marine policy and industry base will also expand.
In addition, it is equipped with lifestyle and cultural amenities such as ▲ workplace day care ▲ a children's finance library ▲ community spaces.
The city said the completion of phase three will have regional economic ripple effects including ▲ 1.0495 trillion won in production inducement effects ▲ 5,376 jobs in employment inducement effects ▲ 4,311 jobs in hiring inducement effects.
Park Heong-joon, the mayor, said, "We will accelerate the attraction of financial corporations and the revitalization of the industrial ecosystem to ensure it leads to results that citizens can feel," adding, "We will push without setbacks to ensure that the expansion of additional infrastructure and support for corporations leads to tangible results."