The Busan Chamber of Commerce and Industry and the Korea Commercial Arbitration Board signed an MOU at a ceremony held Wednesday afternoon in a conference room on the eighth floor of the Busan Chamber building. [Provided by Busan Chamber of Commerce and Industry]
The Busan Chamber of Commerce and Industry and the Korea Commercial Arbitration Board signed an MOU at a ceremony held Wednesday afternoon in a conference room on the eighth floor of the Busan Chamber building. [Provided by Busan Chamber of Commerce and Industry]

The Busan Chamber of Commerce and Industry signed an MOU with the Korea Commercial Arbitration Board on Wednesday afternoon to support dispute resolution for local businesses. The ceremony also marked the relocation of the KCAB's Busan branch to the fourth floor of the Busan Chamber building.

The agreement brings together Busan's only comprehensive economic organization and the country's sole permanent statutory arbitration body to help local companies navigate legal disputes quickly and efficiently amid a deteriorating business environment at home and abroad.

About 10 officials from both institutions attended, including Busan Chamber President Yang Jae-saeng, Senior Executive Vice President Jeong Hyeon-min and Secretary General Lee Gyu-jung, along with KCAB President Shin Hyeon-yun, Planning and Management Division Head Kim Tae-hun and Busan Branch Director Park Gyeong-han.

With the KCAB's Busan branch and the Asia-Pacific Maritime Arbitration Center now sharing the Busan Chamber building, the two institutions are expected to deepen their cooperation. The co-location of a regional business hub and a specialized arbitration body is expected to significantly improve accessibility and convenience for local companies.

The two organizations plan to collaborate across several areas: providing fast and efficient arbitration services to local businesses; promoting education and awareness of the arbitration system and dispute prevention; running outreach arbitration seminars for Busan Chamber member companies; and identifying dispute-resolution needs among local firms to encourage greater use of arbitration.

"The relocation of the KCAB's Busan branch and the Asia-Pacific Maritime Arbitration Center to the Busan Chamber building is a meaningful turning point that will significantly strengthen the support system for local businesses," Busan Chamber President Yang said. "We will work closely with the KCAB to ensure that local companies have access to fast and professional dispute-resolution services."

KCAB President Shin said he expected the partnership to deliver real benefits for local firms. "Combining the Busan Chamber's strong on-the-ground network with the KCAB's expertise in dispute resolution will provide practical help in preventing disputes and resolving them swiftly and fairly," he said.


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