The main focus of the BIFF is to introduce new films and first-time directors, especially those from Asian countries.

In 1999, the Pusan Promotion Plan (renamed Asian Project Market in 2011) was established to connect new directors to funding sources.

The 16th BIFF in 2011 saw the festival move to a new permanent home, the Busan Cinema Center in Centum City.

This award is given to one newly emerging producer with a cash prize of KRW 10,000,000, sponsored by IOK Company.

The jury consists of world-renowned film experts who will choose winners to discover and encourage the hidden jewels of Asian cinema.

[28][14] BIFF Mecenat Award(비프메세나상) is granted to the best documentary from Korea and Asia in Wide Angle competitive section.

[14] Sonje Award(선재상) is given to the best Korean and Asian short films in the Wide Angle section, to assist them in producing next project by providing KRW 10,000,000 to each director.

[14] FIPRESCI(International Federation of Film Critics) Award(국제영화비평가연맹상) is given to well-made works that reflect its experimental and progressive spirit, among those presented in the New Currents section.

[14] Citizen critics from the Busan Cinematheque choose the best film from those screened in Korean Cinema Today - Vision section.

This award, established with the involvement of Chanel, aims to elevate the status of women in the film industry.

The first recipient of this honor was Ryu Seong-hie, a South Korean film art director.