Yoon's Economic Field Visit in Ulsan... Promises 'Support for Advanced Industry Innovation Hub and Regulatory Improvement'

Shahin Project Groundbreaking Ceremony, Meeting, Hyundai Visit, Market Tour Packed Schedule
Supporting Various Infrastructure and Future Industries in Ulsan
Commitment to Regulatory Reform to Revitalize Foreign Investment Attraction
Visiting Sinjeong Market After One and a Half Years for Public Welfare Activities

President Yoon Suk-yeol visited Ulsan, a representative industrial city, on the 9th and stated, "We will actively support it to become the world's leading advanced industrial innovation hub." Emphasizing investment and growth day after day with all diplomatic efforts focused on 'economy,' President Yoon also expressed his determination to change Korea's business environment to expand foreign investment attraction.

On the same day, right after attending the groundbreaking ceremony of the Ulsan S-OIL Shahin Project, President Yoon held a meeting with local business leaders and university presidents at the Ulsan Port Authority and made these remarks.

[Image source=Yonhap News]

President Yoon promised to improve Ulsan's industrial infrastructure and secure future growth engines. His policy includes supporting infrastructure such as the hydrogen vehicle safety certification center, smooth promotion of core parts support projects for electric and hydrogen vehicles, and securing manpower for the shipbuilding industry, as well as supporting electric, hydrogen, and autonomous ships.

He also explained that the preliminary feasibility study for the urban railway tram lines 1 and 2, which was announced as part of the 'dense transportation network expansion' pledge during the presidential campaign, will be completed within this year.

Ulsan business leaders proposed the introduction of a regional electricity rate differentiation system, lifting of the greenbelt, expansion of shipbuilding manpower, securing master's and doctoral talents for small and medium enterprises, and expansion of tax credits for facility investment, according to a written briefing by Lee Do-woon, spokesperson for the presidential office.

In response, President Yoon replied in his closing remarks, "If the regional business leaders' complaints are conveyed to the Ministry of Trade, Industry and Energy and the Ministry of SMEs and Startups, we will check them promptly."

He continued, "Over the past 10 months, the direction of diplomatic policy, including Korea-US and Korea-Japan relations, and the thoughts of public officials have changed a lot, but it seems more time is needed for the people and companies to feel the changes in their daily lives and businesses," emphasizing, "We will do our best to create a system that is good for business and ensure that the rightful rewards earned by the people through their efforts are not taken away by unfair forces."

Attending the meeting were People Power Party lawmakers Kwon Myung-ho, Lee Chae-ik, Seo Beom-su, and Park Sung-min, who represent Ulsan constituencies. Kim Ki-hyun, the newly appointed party leader representing Ulsan, did not attend. Woo Dong-gi, chairman of the Presidential Committee on Balanced National Development, Lee Yoon-cheol, chairman of the Ulsan Chamber of Commerce and Industry, and Lee Yong-hoon, president of Ulsan National Institute of Science and Technology, were also present.

[Image source=Yonhap News]

Before lunch, President Yoon attended the groundbreaking ceremony of the 'Shahin Project,' a petrochemical facility under construction in the Ulsan S-OIL Onsan National Industrial Complex, with an investment scale of about 9.3 trillion won.

At the event, President Yoon said, "Last year, foreign direct investment in Korean companies surpassed 30 billion dollars for the first time ever, marking a record high," and pledged, "We will do our best to create the world's best environment so that foreign-invested companies can freely conduct business activities in Korea."

President Yoon stated, "To make Korea the world's top innovation hub, we will boldly improve regulations that do not meet global standards." He added, "We will strengthen communication to improve the business conditions and support for foreign-invested companies and will definitely provide incentives to companies contributing to advanced industries and supply chain stability."

[Image source=Yonhap News]

After the meeting with Ulsan business leaders, President Yoon visited Hyundai Motor's Ulsan plant and toured the export loading dock and the Genesis production line at Plant 5 with Hyundai Motor Group Chairman Chung Eui-sun.

Chairman Chung explained to President Yoon the plan for domestic production of 1.85 million vehicles and overseas exports of 1.08 million vehicles, the largest since COVID-19, as well as the plan to build a new electric vehicle factory.

President Yoon then headed to Sinjeong Market in Ulsan to listen to the difficulties faced by merchants struggling due to the recent global complex crisis, economic recession, rising prices, and decreased foot traffic. It was his first visit to Sinjeong Market in one year and six months since October 2021, when he was a presidential primary candidate.

While touring the market, President Yoon purchased 100,000 won worth of pork and 200,000 won worth of beef at a butcher shop to donate to the Ulsan Senior Welfare Center.

[Image source=Yonhap News]

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