Seo Samsuk: "41.5 Billion Won Invested in Marine Industry Clusters, But Operations at a Standstill"

Combined Deficit at Gwangyang and Busan Ports Reaches 35.2 Billion Won
Ministry Pushes for Additional Cluster in Busan Despite Poor Performance
"Redesign Needed for Business Support, R&D, and Infrastructure Utilization Plans"

Seosamsuk, Democratic Party of Korea lawmaker.

There are criticisms that the Gwangyang Port and Busan Port Marine Industry Clusters, which were established with massive government funding to strengthen the competitiveness of the marine industry, have been adrift for nearly a decade and are effectively failing to fulfill their intended roles. In particular, voices of concern are growing that, due to low occupancy rates and returns far below expectations, these projects have become "tax guzzlers."

According to materials submitted by Seosamsuk, a Democratic Party of Korea lawmaker representing Yeongam, Muan, and Shinan in South Jeolla Province, to the National Assembly audit on the 28th, the total project cost invested in the Gwangyang and Busan ports amounted to 41.5 billion won. However, the current returns are only 0.019% and 0.0084%, respectively.

The Gwangyang Port Cluster, established in 2017 as the first of its kind in Korea, is currently utilizing only 38,000 square meters, or about 15% of its 245,000 square meters of industrial land. The number of resident companies has dropped from four to just one expected to remain by the end of this year. While the plan projected 9.1 billion won in returns, the actual return was only 190 million won.

Similarly, since its establishment in 2018, only two companies have moved into the Busan Port Cluster, resulting in a land utilization rate of just 10%. Moreover, with admissions suspended for two years from 2023 due to preparations for the Busan Expo, the cluster has effectively lost its development momentum. The planned return was 12.3 billion won, but the actual return was only 200 million won.

As a result, the Busan Cluster recorded an accumulated deficit of 25.6 billion won, and the Gwangyang Cluster 9.6 billion won, for a combined total of 35.2 billion won in losses. Despite such poor management, the Ministry of Oceans and Fisheries is pushing ahead with the creation of another marine industry cluster in the North Port area of Busan, drawing strong criticism that this is "pouring water into a bottomless pit."

Assemblyman Seo pointed out, "The marine industry cluster was originally a national project intended to drive innovation in the marine industry and revitalize the local economy, but now it simply consumes budget without delivering results. Both the Busan and Gwangyang clusters require a fundamental reassessment to build a real industrial ecosystem." He further emphasized, "The Ministry of Oceans and Fisheries must thoroughly analyze the causes of low occupancy and poor returns, and completely redesign its plans for business support, research and development (R&D), and infrastructure utilization."

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