This year’s Busan Maritime & Finance Week focuses on the transition from traditional maritime finance to internationally recognized ESG standards. The marine industry’s development may rely on total financial services as well as digitalization emphasized by FSS Governor Lee Bok-hyun. It brings together major players in a sector focusing on ship financing, trends, and a lot more about challenges in a shipping decarbonization discussion.
The Kick-Off of Busan Maritime & Finance Week 2023
FSS Governor Lee Bok-Hyun underscored the urgency of transforming maritime finance towards conformity with international ESG trends during BMFW 2023. This year’s event hosted approximately 250 participants coming from financial, shipbuilding, shipping companies, universities, and other research institutes.
Significance of Maritime Finance Evolution
Governor Lee emphasized “Aiming to achieve fundamental changes, it is the time for maritime finance, which must support the marine industry’s successful transformation, to move away from providing temporary liquidity support through simple lending and borrowing and head towards becoming a tailored comprehensive financial service by maintaining close ties with industry, while meeting global ESG criteria,”
His acknowledgment showed how the marine industry should expand, digitalize, and become eco-friendly in line with the current paradigm shift. Korea’s maritime competitiveness is ensured through Busan which acts as the global logistics hub and center of maritime finance whereby 99% of the country’s total trade is conducted by maritime transportation. BMFW had different programs on maritime financing and they addressed issues like the decarbonization challenge of the shipping industry, ship financing, changes, and tendencies in the maritime financing sector.
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Source: The Korea Times
