"Yeosu, Highly Dependent on Petrochemicals, Must Develop Specialized Industries Like Hydrogen"

Experts Speak in Unison at Korea Chamber of Commerce's Yeosu Regional Economic Forum on the 8th

"A review of Yeosu's industrial structure, which is excessively dependent on petrochemicals, is necessary."

At the '8th Regional Economic Forum' held by the Korea Chamber of Commerce and Industry (KCCI) on the morning of the 8th at the Yeosu Chamber of Commerce, Woo Tae-hee, the full-time vice chairman of KCCI, made this statement. The event was attended by a large number of local economic figures, local governments, and research institutes from Yeosu, including Lee Yong-gyu, chairman of the Yeosu Chamber of Commerce, Song Ju-ho, head of the Regional Economy Division at the Ministry of Trade, Industry and Energy, Kim Jong-gi, vice mayor of Yeosu, Oh Byung-ki, senior research fellow at the Gwangju-Jeonnam Research Institute, Han Jong-hee, professor at Korea Energy University, Lim Young-chan, director of the Korea Marine Culture Tourism Industry Research Institute, Yeom Dong-il, head of the Jeonnam Regional Headquarters of the Korea Industrial Complex Corporation, and Baek Jeong-won, head of the Yeosu Expo Post-Utilization Promotion Team at the Yeosu Gwangyang Port Authority.

In his greeting, Vice Chairman Woo said, "If the dependence on a specific industry is too high, the entire regional economy can fluctuate according to the ups and downs of that industry. In the case of the petrochemical sector, threats such as global demand decline and technological catch-up by China persist, so alternatives are needed." He emphasized, "Along with the advancement strategy of the petrochemical industry, future industries such as hydrogen-specialized industries must be nurtured." He added, "Due to the characteristics of Yeosu's industrial structure, greenhouse gas emissions are high, and petrochemical companies in Yeosu need to actively engage in ESG management activities through greenhouse gas reduction, like global petrochemical companies such as BASF, BP, and Shell."

Scenic View of Seonso Bridge, Yeosu, Jeonnam [Photo by Yeosu City]

At the forum, Research Fellow Oh, who gave the keynote presentation, said, "Petrochemicals account for 98% of manufacturing in Yeosu (based on 2021 production value)," and "Since 2016, the decline in petrochemical added value has led to the entrenchment of low growth in Yeosu's economy."

Professor Han pointed to the hydrogen industry as a future industry that Yeosu should develop. He said, "Currently, Yeosu ranks second nationwide in hydrogen production capacity, accounting for 34% of total hydrogen production, indicating great potential in the hydrogen sector." He added, "The global green hydrogen market is expected to grow more than tenfold from $440 million in 2021 to $4.37 billion in 2026, so Yeosu City and the central government should promote the green hydrogen industry." He further noted, "Since the green hydrogen industry itself is an early-stage market, active investment and support in R&D and demonstration phases are especially necessary."

There was also a call to actively foster the MICE (Meetings, Incentives, Conferences, and Exhibitions) industry by utilizing Yeosu's natural tourist resources and tourism infrastructure. Director Lim said, "Yeosu has very convenient access from the metropolitan area via air, highways, and KTX, and travel demand is expected to increase significantly with the transition to endemic." He added, "To attract not only domestic but also international tourists, a complex marine leisure tourism city should be established, and the MICE industry should be strategically developed." He continued, "According to the Korea Tourism Organization, the average spending per MICE participant is three times that of general tourists," and expressed confidence, "With the experience of hosting the 2012 Yeosu Expo and Yeosu City's strong will, this will become a new driving force for Yeosu's economic growth."

The forum also included a session explaining past efforts and future plans to spread new entrepreneurship among Yeosu companies. Chairman Lee said, "The Yeosu Chamber of Commerce has continued activities to fulfill corporate social value with local companies, such as projects to revitalize traditional markets, support for commuter buses for transportation-vulnerable workers, and clean campaigns to collect marine plastic waste." He added, "We will continue to play a central role so that companies can actively participate in solving local community problems."

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