TWO senior South Korean professors have visited Guernsey to learn more about establishing a finance sector in their home city.

Yung Joon Lee of Busan National University and Jae Jin Pak of Dongseo University, both based in the city of Busan, chose to visit Guernsey because of its reputation as a finance centre.

‘It is a very strong testament to Guernsey’s standing as a leading international finance centre that the professors should choose to visit us as part of their research into establishing a finance industry in Busan,’ said GuernseyFinance chief executive Peter Niven.

Busan is the second largest city in the country behind Seoul and has its largest port – the fifth largest in the world.

Its traditional economic activity has been manufacturing and ship building but now the two professors are charged with formulating a 10- to 20-year plan for the city to establish itself as a financial services centre, with a focus on providing those that relate to current trade such as shipping finance.

In addition to Mr Niven they also met Alan Bougourd (pictured), deputy chairman of the Guernsey International Business Association.

‘It was also particularly encouraging to hear that they were already aware of our activity in Shanghai, which again shows that with the industry and GuernseyFinance working together we are able to boost the reputation and recognition of our brand both across our traditional European markets and also further afield,’ said Mr Niven.

• Read the full story in the Guernsey Press. See below for subscription details.