BUSAN < invest Korea

(BUSAN = Newsis) The city of Busan and Frankfurt Main Finance (FMF) concluded a memorandum of understanding (MOU) on 17 December in a bid to achieve a mutual development in financial market.

Busan dispatched a finance cooperation delegation to Frankfurt, the financial center of Germany, to strengthen the exchange and cooperation for a mutual development of financial market. The delegation visited the Eurex Exchange (Eurex), FMF, Federal Financial Supervisory Authority (BaFin), FrankfurtRheinMain and Frankfurt city council between 10 and 12 December.

Members of the delegation include the National Assembly Policy Committee Chairman Kim Jung-hun, Busan special investment advisor Cho Don-hyeong and other officials from Korea Exchange, Financial Supervisory Service and the Busan International Financial City Promotion Center. It is responsible for the promotion of Busan, the center of Korea’s derivatives and shipping finance, and the attraction of foreign investment in such fields.

Busan special investment advisor Cho Don-hyeong and cochairman of the FMF Wilhelm Speckhardt met on 12 December in Frankfurt and concluded “the MOU for cooperation in the exchange between financial markets”, and agreed to strengthen the exchange and cooperation of two city’s financial centers.

The MOU includes: the close cooperation to develop the relationships and statuses of two cities as the center of financial services, exchange of information related to the financial market, sharing of ideas to develop two cities as the center of the international financial market, exchange and support for human resources in the financial sector and active support for mutual relocations and expansion of businesses by financial institutions in two cities.

“Conclusion of the MOU will initiate the cooperation and exchange in the financial sector between two cities and will help Busan become the center of the international financial market,” said an official of Busan.

heraid@newsis.com

Source Text

Source: Newsis (Dec. 17, 2013)

** This article was translated from the Korean.