BUSAN < invest Korea

According to Yonhap News,

Busan has ranked first in the city brand power index for four straight years, according to the Institute for Industrial Policy Studies.

The city brand power index is designed to evaluate whether a city is pleasant to live in. High ranking in the index means that investment companies and visitors have positive images towards a city due to its favorable business and tourism environments, which in turn increases sales of companies and incomes of citizens.

As an effort to improve its brand, Busan City established an ordinance on improvement of Busan's brand value in 2010 and set up a 3-year plan on the city brand and is operating the city brand committee and a taskforce team.

Busan's brand value posted a year-on-year increase of 11.9 percent to 87.0619 trillion won in 2012 from 77.784 trillion won, right after Seoul's 384.5095 trillion won.

The increasing brand value seems to be attributable to Busan's growing status in the world even amid the global economic slowdown.

The brand value of a city is calculated by multiplying its brand power index by its Gross Regional Domestic Product.

Busan also outpaced Seoul in the MICE industry, which refers to meetings, incentives, conferencing and exhibition, in 2011, according to the Korea Tourism Organization.

Source Text

Source: Yonhap News (Dec. 3, 2012)

** This is the translation of a Korean article.