Global Financial Centres Index (GFCI) assessment

Ranking up 15 places from March 2023; highest since 2014 entry

Busan's historical GFCI rankings [Provided by Busan city government]
Busan's historical GFCI rankings [Provided by Busan city government]

Busan has ranked 22nd among 117 financial cities worldwide in the Global Financial Centres Index (GFCI), a leading benchmark measuring the financial competitiveness of major cities around the world.

According to Busan city government, the ranking comes from the GFCI 40 report published by Z/Yen, a British financial consultancy, and was officially announced Wednesday at the BIFC Global Finance Symposium held at Nurimaru APEC House.

The city climbed one place from its 23rd-place finish in the GFCI 39 report released in March, marking its highest ranking since it first entered the index in 2014. Its score also rose 11 points to 737, up from 726 in the previous assessment.

Busan has risen 15 places since ranking 37th in March 2023, and has remained in the top 20 for six consecutive assessments since March 2024, reflecting a sustained upward trend. Within the Asia-Pacific region, the city ranked ninth, trailing Hong Kong, Singapore and Shanghai.

The city has worked to strengthen the foundations of its financial industry through the completion of the third phase of the Busan International Finance Center (BIFC), which expanded the cluster of financial institutions, the designation of a financial opportunity development zone covering the Munhyeon financial complex and the North Port area, and the expansion of policy funds including the Busan Future Growth Venture Fund.

Busan has also been broadening its maritime finance ecosystem by attracting the relocation of the Ministry of Oceans and Fisheries, HMM and other maritime and shipping-related institutions and companies to the city, along with global shipbroker Clarksons Korea and marine finance-focused asset manager Waterline Partners.

Mayor Jeon Jae-soo said the city aims to "strengthen financial capabilities supporting the maritime industry — including ship finance, marine insurance, eco-friendly vessels and fuel, and port infrastructure investment — by seizing the opening of Arctic shipping routes, and to expand the concentration of domestic and international maritime finance institutions and companies around the Busan International Finance Center, with the goal of becoming a top-20 global and top-five Asian financial city by 2030."


kaf2002@heraldcorp.com