Busan City to Expand Cooperation with London Maritime Institutions ... Foster a Maritime Knowledge Services Industry

[Financial News] Busan is stepping up efforts to become a global maritime city by seeking international cooperation in maritime arbitration, the shipping industry and maritime justice in London, a global hub for shipping and the maritime industry. Ahead of the 2028 opening of the Busan International Maritime and Commercial Court, the city plans to foster a maritime knowledge services industry by combining high-value professional services, including legal services, arbitration, finance and insurance, with its shipping and port industries.
The city said on the 13th that Mayor Chun Jae-soo had visited three institutions in London, UK—the London Maritime Arbitrators Association (LMAA), the UK Chamber of Shipping and the UK Admiralty Court—on the 12th (local time) to discuss ways to cooperate in their respective fields.
Mayor Chun first visited the LMAA and discussed ways to expand cooperation in international maritime arbitration with its president, Jonathan Elby, and others. He proposed strengthening the capacity to resolve maritime disputes through international conferences, agreements and mock arbitrations involving regional institutions such as the Busan Asia-Pacific Maritime Arbitration Center. Founded in 1960, the LMAA is an association of maritime arbitrators that has built expertise and trust in resolving international maritime disputes.
At the UK Chamber of Shipping, he discussed the shipping industry's green and digital transition and the training of professional personnel with its president, Carrie Trought, CEO Rett Hatcher and others. They agreed to expand exchanges between Busan shipping and port companies and the British industry, and to cooperate on practical workforce training, including internships between local universities and UK shipping companies.
At the UK Admiralty Court, he shared experience in operating specialist courts with Andrew Baker, Judge in Charge of the Admiralty Court, David Waxman, Judge in Charge of the Commercial Court, and others, and explored ways to cooperate on the successful opening and early establishment of the Busan International Maritime and Commercial Court. Mayor Chun considered cooperation with relevant institutions essential for the court, scheduled to open in March 2028, to establish itself early as an internationally trusted and expert hub for resolving maritime disputes. He actively proposed joint seminars, exchanges of case law and legal information, and academic and research cooperation.
The UK Admiralty Court handles specialized maritime disputes, including ship collisions, maritime salvage, cargo transportation and claims related to ships.
The city plans to develop the cooperation initiatives identified during the visit in coordination with local specialist institutions, universities and businesses. In particular, it aims to boost industrial competitiveness and added value by combining Busan's port, shipping and logistics industries with specialized services such as maritime courts, maritime arbitration, finance and insurance.
“London’s growth into a global maritime industry hub has been underpinned by an industrial ecosystem in which not only shipping but also specialized services such as maritime arbitration, law, finance and insurance are organically interconnected,” Mayor Chun said. “I will help Busan become a global maritime city by strengthening its capabilities in maritime courts, maritime arbitration and specialized shipping services, and by training professional personnel.”
[email protected] Kwon Byeong-seok Reporter