Assessment of Importance of Marine Industry Classification in Busan

Busan has played a pivotal role as a global maritime city and the maritime capital city of Korea. Therefore, it is necessary to evaluate the maritime industry in Busan and explore its potential to grow. This research, to let the city lead the maritime industry, classified and evaluated the industry, analyzed portfolios by sub-area, and drew priorities. By classifying the maritime industry in Busan into six areas, the importance, capacity and future prospects of the industry were investigated. As a result, the first industry group had eight sub-businesses including the fish processing and food industry. The second industry group showed 18 sub-businesses including marine finance and insurance as well as port services. As for the direction to develop Busan, it is necessary to develop the conventional maritime industry through convergence of industries, technology and equipment based on the international competitiveness of Busan. Industries that have not yet been equipped with global competitiveness can create high value and drive growth. Moreover, it is necessary to focus on discovering new growth industries that can be locally specialized.