Joseph Araneta Gamboa l June 26, 2024 l Business Mirror
BUSAN, South Korea—The largest port and second biggest city of the Republic of Korea has the status of a metropolitan city under the central government’s direct control despite being situated 320 kilometers from the national capital, Seoul. In terms of distance, Busan is even closer to Japan with only 220 kilometers separating this coastal metropolis from the Japanese city of Fukuoka. Its sister city in the Philippines is Cebu City, which is also our second biggest metropolitan area.
Made famous in contemporary times by the 2016 zombie apocalypse film “Train to Busan” that became a global box-office hit, this city can best be accessed by plane or by train. Its Gimhae International Airport is just a one-hour flight from Greater Seoul’s two international airports in Gimpo and Incheon. But the most convenient way to travel from Seoul to Busan is via the KTX high-speed train operated by Korail, which only takes two and half hours with the scenic Korean countryside as backdrop.
Along the KTX route from Seoul to Busan, three other cities stand out: Sejong, Daejeon, and Daegu. The special self-governing city of Sejong also serves as the de facto administrative capital of South Korea since the Prime Minister and 15 Cabinet-level ministers hold office in the new government complex there.
As South Korea’s fifth largest metropolis, Daejeon is known for its research and technology institutions as well as its mountains and rivers in the central part of the peninsula. On the other hand, Daegu has a rich history that dates back to ancient times during the Silla dynasty, though it is more popular nowadays for its fashion and high-tech industries.
When South Korea was under Japanese occupation from 1910 to 1945, Busan developed into a modern port city. Today, its industrial parks attract many high-tech manufacturers while tourism is gaining importance because of its beach resorts and hot springs. Among its other major industries are shipbuilding, electronics, ceramics, paper, steel, chemicals, and automobiles.
This week, the 2024 Busan International Mobility Show (BIMOS) will be staged at the BEXCO or Busan Exhibition and Convention Center. BIMOS is held every two years since the turn of the millennium to promote the regional automotive industry and galvanize the local economy. It attracted more than one million visitors prior to the pandemic when it became an ultra-large-scale event.
However, fewer exhibitors are expected this year when BIMOS resumes for the first time since 2018 after its 2020 and 2022 editions were cancelled due to Covid-19. According to the Korea Times, only six global carmakers will participate in this year’s event: Hyundai, Kia, Genesis, Renault, BMW, and Mini.
Automotive engineering professor Lee Ho-geun of Daedeok University said: “The size of the Korean car market is still considered too small, so chances are the Busan motor show will gradually lose its profile unless it comes up with very specific differentiation points compared with its global counterparts.”
To revive attention for BIMOS, Lee suggested the launch of a Korean version of the Consumer Electronics Show (CES) in Las Vegas, USA. As the world’s most powerful tech event, CES brings together companies in multiple industries and has become the proving ground for global innovators.
Many car manufacturers are shifting their focus to electric vehicles. One of them is KG Mobility or KGM, which was formerly called SsangYong Motors until it was fully acquired in 2023 by the KG Group, a Korean chaebol that also owns KG Chemical and KG Steel. KGM has a manufacturing plant near Busan in the city of Changwon that produces high-tech engines and core powertrains.
For Filipinos who want to experience the so-called “Miami of South Korea” which is Busan’s monicker, there are direct flights between the sister cities of Cebu and Busan via Jeju Air and Jin Air. The Republic of Korea has opened its consulate in Cebu City, thereby bolstering the ties between Busan and its Philippine sister city, the “Queen City of the South.”
Consul General Song Sewon and Senior Consular Officer Gobui Hong recently visited the Bureau of Customs (BOC) offices at the Port of Cebu and the Mactan Cebu International Airport. In a press statement, BOC Cebu District Collector Ricardo Uy Morales II lauded the visit for enhancing trade relations, promoting efficient customs procedures, and strengthening cooperation in border protection efforts.
Joseph Gamboa is the vice-chair of the Finex Ethics Committee and director of Noble Asia Industrial Corp. The views and opinions expressed above are those of the author and do not necessarily represent the views of FINEX and BusinessMirror. #FinexPhils www.finex.org.ph Photo from Pinterest