Busan Chamber of Commerce and Industry Announces Policy Proposal for Bu-Ul-Gyeong Megacity

Presenting a National Balanced Economic Development Strategy through the Establishment of the Dongnam Region Mega City

Busan Chamber of Commerce and Industry.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] The Busan Chamber of Commerce and Industry announced a policy proposal titled "Promotion of the Busan-Ulsan-Gyeongnam (Bu-Ul-Gyeong) Megacity in Response to the Global Economy" on the 19th, presenting an economic development strategy for the southeastern region through the establishment of the Bu-Ul-Gyeong Megacity.

This policy proposal was prepared in the context of recent political discussions on building a southeastern megacity, with the regional business community aiming to address the issue of the capital region's one-pole concentration within the broader framework of national balanced development.

It was planned to achieve the development of a metropolitan economic zone capable of competing with the capital region, and the task was carried out by Professor Kim Hyun-seok of Pusan National University, who serves as a policy advisory member of the Busan Chamber of Commerce and Industry.

In the policy proposal, the Busan Chamber pointed out that recently, major advanced countries globally have been forming metropolitan economic zones centered on key large cities to attract creative talent and enhance urban attractiveness, thereby establishing regional development strategies.

They emphasized that the Bu-Ul-Gyeong region should also advance toward a metropolitan economic community in line with global trends to enhance the value chain among companies and increase the attractiveness of the metropolitan area through job creation.

The Bu-Ul-Gyeong region was highlighted as a key area that led the country's high economic growth in the past, with a population reaching 8 million and an existing organic division of labor among industries, indicating great potential as a metropolitan economic zone comparable to the capital region.

The Busan Chamber then presented a segmented promotion strategy for the successful establishment of the Bu-Ul-Gyeong Megacity economic zone, divided into ▲industrial strategy ▲institutional strategy ▲spatial strategy.

As an industrial strategy, they prioritized the advancement of industrial structure through the convergence of heavy and chemical industries with information and communication technology (ICT), and strengthening logistics hub competitiveness through a complex logistics system linking airports, railroads, and ports.

They also pointed out the need to build a hydrogen economy zone utilizing hydrogen energy and to jointly utilize research and development facilities and resources scattered across the metropolitan area.

For the institutional strategy, they emphasized establishing an integrated administrative management system involving both central and regional experts and discovering joint metropolitan-level projects through the establishment of Bu-Ul-Gyeong integrated governance.

They explained that Japan's Kansai Union, which solved difficulties in attracting companies at the metropolitan level, could serve as a good example.

As a spatial strategy, they proposed strengthening accessibility to the southeastern region through the construction of the Bu-Ul-Gyeong new airport and the establishment of the KTX Namhae Line, and introducing a big data-based smart tourism system to connect the Bu-Ul-Gyeong region centered on Busan well, enabling the southeastern region to leap forward as an international tourism hub.

The Busan Chamber expects the representative effects of these strategies to include △creating opportunities for regional economic revitalization by dispersing population and productivity concentrated in the capital region △innovation in manufacturing and acceleration of 4th industrial revolution technology development in the Bu-Ul-Gyeong region △and advancing as a tourism hub through the establishment of a large-scale tourism and MICE cluster in the southeastern region.

A representative from the Busan Chamber pointed out, "The Bu-Ul-Gyeong region is going through a difficult period due to the stagnation of its core heavy and chemical industries and the continuous outflow of young talent, making the creation of an independent growth base urgent."

"If the three regions advance as a metropolitan economic zone, it will not only create synergy effects among infrastructure, industries, and companies but also generate high-quality jobs within the region, driving overall economic growth in the southeastern region. This could also serve as a proper example aligning with the government's national balanced development policy," they said.

This content was produced with the assistance of AI translation services.