Yeosu City Council Member Joo Jong-seop: "Hwayang District Must Be Developed Quickly"

Over the Past 17 Years, Economic Zones Have Been Restricted, Resulting in Property Damage and Minimal Economic Impact

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] A claim has emerged from the Yeosu City Council that the Yeosu Hwayang District, designated as an economic free zone in 2003, should be promptly developed as a tourism special zone, which was its original designation purpose.

Councilor Joo Jong-seop stated at the 206th regular meeting, urging the Hwayang District development companies, "Do not settle for the Hwayang District development as merely speculative projects, but proceed in accordance with the purpose of the economic special zone designation."

According to Councilor Joo, the Hwayang District development companies initially promised to complete the project by 2015 but applied for an extension in 2012, and are now requesting another extension until 2024.

Due to the delay in project implementation, residents have suffered property damages tied up in the economic free zone for the past 17 years, and the initially announced economic effects have been minimal, Councilor Joo explained.

He also added, "The companies in question have been criticized for purchasing land with local tax reduction benefits but making minimal actual investments and remaining stagnant, thus receiving only real estate privileges."

Councilor Joo emphasized, "The economic free zone should proceed as originally intended, not encouraging real estate speculation," and urged, "We call for the fulfillment of the promise to build a tourism special zone combined with cultural content."

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