"We Have Never Seen a Crisis Like This"...Yeosu Industrial Complex Driven to the Brink, Sending Out an SOS

Jeonnam Provincial Assemblyman Ju Jongseop Urges "Active Coordinating Role"
Blames Strategic Industries Bureau for Management Crisis such as "Electricity Bill Bomb"

Ju Jongseop (Democratic Party of Korea, Yeosu District 6) of the Jeonnam Provincial Assembly warned of a severe industrial crisis unfolding in the eastern region of Jeonnam centered on the Yeosu Petrochemical Industrial Complex, and strongly called on Jeonnam Province to take preemptive and proactive measures.

At a work report session of the Strategic Industries Bureau held on the 4th, Assemblyman Ju stated, "The Yeosu Petrochemical Industrial Complex has already been designated as a preemptive industrial crisis response area and a response system is in operation, but the sense of crisis on the ground is beyond imagination," adding, "The situation is so grave that even large corporate workers who have safeguarded the site for more than 30 years are all saying, 'We have never seen a crisis like this before.'"

Joo Jongseop, member of the Jeonnam Provincial Assembly

Assemblyman Ju stressed that this crisis is not merely a local issue, but a grave matter that could impact the entire industrial structure and job market of the Republic of Korea.

In particular, he raised the issue of electricity rates, which he said are critical to the survival of the petrochemical industry, stating, "Cuts in electricity rates and reductions in various surcharges are not about simply addressing civil complaints, but are essential measures for the survival of the industry," and urged, "The provincial government must step up to identify institutional loopholes so that practical support can be provided."

He also pointed out the problem of concentration in national strategic industries. Assemblyman Ju said, "Currently, national strategic industries are composed mainly of high-tech sectors such as semiconductors, leaving petrochemicals, which are a key national backbone industry, marginalized," and proposed, "We must actively review ways to link and incorporate the entire industry, including not only high value-added sectors but also basic and specialty chemicals, into the framework of strategic industries."

Criticism also followed regarding the structural limitations of the industrial base in eastern Jeonnam and delays in infrastructure expansion. Assemblyman Ju diagnosed, "Gwangyang’s single-axis structure based on steel and Yeosu’s single-axis structure based on petrochemicals are extremely vulnerable to external shocks," and criticized, "The development of the 2nd and 3rd complexes of Yulchon Industrial Complex, which is the key link connecting the two industrial complexes, is progressing slowly, causing setbacks in resolving the land shortage at the Yeosu National Industrial Complex and in building an industrial belt."

He also commented on the Myodo Opportunity Development Zone, saying, "It initially drew attention as a new opportunity for the energy industry, but apart from the construction of LNG tanks, there has been no clear progress," and expressed concern that "in the midst of a simultaneous crisis in steel and petrochemicals, the pace of fostering new industries to replace them is far too slow."

He went on to say, "If the foundation of traditional manufacturing collapses, the achievements of high-tech industries will be nothing more than a castle in the sand," and reiterated, "Jeonnam Province must play a clear coordinating role during this transitional period of industrial restructuring and approach the response to the industrial crisis in the eastern region from the perspective of national security and national strategy."

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