Assemblyman Kim Hoe-jae Selected for Yeosu Gukdong Urban Regeneration New Deal Project Competition

Secured Total Investment of 64.8 Billion KRW Including 25 Billion KRW for Majungmul Project

[Asia Economy Honam Reporting Headquarters Reporter Lee Hyung-kwon] Rep. Kim Hoe-jae (Yeosu-eul, National Assembly Land, Infrastructure and Transport Committee) announced on the 22nd that the Yeosu Gukdong ‘Urban Regeneration New Deal Project’ has been finally selected as a Ministry of Land, Infrastructure and Transport public contest project. With a seed fund of 25 billion KRW, along with an investment of 28.6 billion KRW from LH participating as the overall project manager and Yeosu City's own investment, a total of 64.8 billion KRW will be invested to carry out the urban regeneration revitalization project over five years starting next year.

The project site around Gukdong Port is one of Korea’s representative national fishing ports and a treasure trove of the fisheries industry. In the 1980s, it functioned as a hub for port logistics, but after the establishment of the Yeocheon Industrial Complex, the local industry was reorganized around manufacturing, leading to its decline.

Furthermore, the decrease in fish catches and the simultaneous collapse of related industries in the 1990s led to the closure and relocation of Yeosu Office of Education and Chonnam National University Gukdong Campus. As a result, the Gukdong area gradually lost its self-sustainability along with population outflow. However, through this public contest project, it is expected to restore regional self-sustainability.

The main project plan includes demolishing Bongsan Market, which has a disaster safety grade of D and is at risk of collapse, and expanding residential welfare facilities by complex development of LH’s Happy Housing and cultural and sports facilities, which are lacking basic living SOC facilities. The street environment will be improved to enhance the residential environment for local residents.

Additionally, a project to restore commercial districts will be carried out by establishing startup support infrastructure linked to local tourism resources.

Rep. Kim Hoe-jae stated, “With this investment, I expect more people to gather in the Gukdong area, bringing more vitality to the declining local economy and commercial districts.”

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