Lee Jae-myung Proposes "Ultra-wide Single Economic Zone Connecting Yeong, Honam, and Jeju"... Southern Capital Region Plan

"Super Metropolitan Areas, South Korea's Leap to a Top 5 Global Power"

Lee Jae-myung, Democratic Party presidential candidate Photo by Yonhap News

[Asia Economy Reporter Lee Hyun-joo] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, announced on the 6th that he will create a super-regional single economic zone called the "Mega-region" by linking Yeongnam, Honam, and Jeju in the southern region.

On the afternoon of the same day, after paying respects at the tomb of the late former President Roh Moo-hyun in Bongha Village, Gimhae, Gyeongnam, Lee announced his vision for the "Southern Capital Region." This plan goes a step further from the existing "5-pole 3-special system" strategy, which aims for balanced national development through five mega-cities and two special autonomous provinces, by proposing the creation of two super-regions.

Lee said, "The two super-regions will become the twin engines propelling South Korea to become one of the world's top five powers," adding, "With a change in mindset, government will, and public consensus, the southern region of the Korean Peninsula can emerge as an independent global super-regional economic zone like Singapore." He continued, "We will establish a global-standard advanced corporate environment in the Southern Capital Region that surpasses Singapore and Hong Kong. By building advanced R&D and production capabilities comparable to Taiwan's industrial competitiveness, we will recreate it as the 'best economic zone in the world for business.' We aim to increase the Southern Capital Region's share of the national GDP from the current one-third level to about half."

As specific support measures for the Southern Capital Region, Lee proposed bold support covering systems, finances, and funding, as well as the creation of a new industrial belt encompassing the entire southern region. These include ▲additional corporate tax reductions for companies investing or settling in the Southern Capital Region ▲full expansion of regulatory free zones ▲venture investment benefits ▲activation of specialized financial funds such as ship funds ▲and the establishment of future industry infrastructure in advanced materials, aerospace, hydrogen, future mobility, and secondary batteries.

He also announced plans to establish two or more "New Industry Specialized Capitals," innovative hub cities comparable to independent city-states. These will be developed as hubs for advanced industry specialized in the Fourth Industrial Revolution through projects such as university town construction. Furthermore, to expand social infrastructure in the southern region, he plans to build a talent development system by establishing a consortium of national universities in the southern region and attract and establish top-tier medical institutions.

Lee proposed constructing east-west high-speed railways and highways connecting Yeongnam and Honam to create a two-hour living zone throughout the southern region. He also added that a new vision and strategy will be established for the central capital region centered on Seoul. Lee said, "From now on, two large capital regions will be established on the map of South Korea," and "We will transform the economy, which was a single-wheel capital region, into a two-wheel economy with the central and southern regions developing together."

He stated, "If the Kim Dae-jung administration laid the foundation for South Korea to soar as a global leading country with the 'Northeast Asia Capital Region' plan, and the Roh Moo-hyun administration opened the path for balanced national development and decentralization with the 'Chungcheong Administrative Capital,' I, Lee Jae-myung, will creatively inherit the intentions of the two presidents, complete the vision of the 'Southern Capital Region,' and elevate South Korea to the ranks of the world's top five powers."

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