This paper investigates regional economics effects of the 2006 Busan Biennale using a multi-regional input-output(MRIO) model. Busan Biennale, as a cultural event, is an ambitious project to develop Busan to be an advanced international and worldwide artistic city. The result of this analysis is as follows: The result of the economic analysis reveals that the efficiency of the output against the investment is proved very high. The event could generate 41,223 million won of output, 19,794 million won of added value and 873 persons of employment. It shows that cultural projects can make a successful contribution to the economic development of a city. It is expected that this study will be a helpful case for similar studies and at the same time a reference resource for policy analysis concerned. Especially it will help those who consider the international event as non-productive and consumptive correct their prejudices. Form these results, it is desirable that the venue of Busan Biennale be expanded to wider areas of southern parts of Korea including Ulsan, Kyung-Nam, and so on.