TIME Magazine has named the Pusan International Film Festival as the best film event in Asia.

In its Asian edition published this week, the U.S. magazine said the South Korean film feast is "Asia's most important cinematic event," and called the South Korean city, the host of the film festival, "Asia's movie mecca."

Since its inaugural year in 1996, the event has been held in the nation's largest port city annually. This year, the film festival drew some 166-thousand people, who saw some 260 movies, including 40 world premieres.