Yoon Visits Busan: "Enact Special Law for Global Hub City... Prompt Relocation of Korea Development Bank" (Comprehensive)

President Yoon Suk-yeol is speaking at the "Public Discussion on Livelihoods with the People - Eleventh Session, Busan Opens the Local Era Wide" held at Busan City Hall on the 13th.
[Image source=Yonhap News]

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President Yoon Suk-yeol held a public discussion forum on livelihood issues in Busan Metropolitan City on the 13th, marking the first time such a forum was held in a non-capital region. He announced plans to enact the "Special Act on Global Hub Cities" to develop Busan as the central axis of the southern region and as South Korea's second city in name and reality. He also emphasized plans to expedite the relocation of the Korea Development Bank to Busan and actively utilize it as a driving force to lead Busan as a global hub city.

On the afternoon of the same day, President Yoon presided over the 11th public discussion forum titled "The Local Era Fully Opened by Busan" at Busan City Hall in Yeonsan-dong, Yeonje District, Busan. He stated that he plans to jointly explore measures for balanced regional development and revitalization of local areas. This is the first time that a public discussion forum presided over by President Yoon has been held in a non-capital region outside Seoul and the metropolitan area.

President Yoon pointed out, "I have emphasized that regional competitiveness is national competitiveness. However, the current reality is that the population is densely concentrated only in the metropolitan area and some regions." He explained, "Currently, about 27 million people live in Seoul (9.5 million), Gyeonggi Province (14.5 million), and Incheon (3 million), all gathered in Seoul, Gyeonggi, and Incheon. Adding the economically active population results in an enormous population density, making it difficult to solve any problems."

President Yoon expressed concern, saying, "Our country's area is one-fourth that of Japan and one-hundredth that of the United States, yet except for Seoul and parts of the metropolitan area, even that small land is not being used properly." He added, "Simply put, it's like playing football without properly using the field." In particular, President Yoon emphasized, "Regions must discover growth engines where they have comparative advantages, and the central government must actively support these to fully utilize our entire national territory."

To this end, President Yoon plans to develop Busan as a base city for global logistics, finance, and advanced industries.

He said, "We will designate Busan as a financial logistics special zone and an investment promotion district, strengthen financial and tax support for resident companies, and create an autonomous educational environment to attract talent."

The relocation of the Korea Development Bank to Busan will be accelerated. President Yoon explained, "We will promptly relocate the Korea Development Bank to Busan and actively utilize it as a driving force leading Busan as a global hub city. First, we will reinforce the functions and personnel of the Southeast Regional Headquarters of the Korea Development Bank to significantly expand financial support for companies in the Busan, Ulsan, and Gyeongnam regions. We will ensure that even the relocation of the bank produces tangible effects."

President Yoon Suk-yeol is speaking at the "Public Discussion on Livelihoods with the People - The Eleventh Session, the Local Era Fully Opened by Busan" held at Busan City Hall on the 13th.
[Image source=Yonhap News]

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Furthermore, President Yoon mentioned, "There are essential pending projects that must be completed to firmly establish Busan as a global hub and southern regional base." He referred to the Gadeokdo New Airport, targeted to open in 2029, the redevelopment of the North Port, and the undergrounding of the Gyeongbu Line as essential projects forming a three-axis system linking airport, port, and railway.

He also introduced plans to develop Busan's original downtown, including Dong-gu and the North Port area, into an international business district, the core of the global hub city.

President Yoon stated, "By 2027, we will promote the development of the first phase of the international district combining marine tourism, commerce, culture, and international events, including a marine leisure complex, opera house, and waterfront theme park, and actively support investment attraction for this. In the second phase, we will develop international event finance businesses and research and development (R&D) facilities without delay. We will make the North Port redevelopment, a long-cherished wish of Busan citizens, a world-class success story."

He also explained plans to improve living conditions such as education, healthcare, and culture to attract talent. President Yoon promised, "We will create education development special zones led by local regions to establish a virtuous cycle where talent educated locally contributes to regional development. From childcare to higher education, we will create models desired by the regions, and if local governments and education offices invest their capabilities, the central government will ease regulations and provide financial support to firmly back this." The plan includes establishing autonomous public high schools, attracting foreign educational institutions, and expanding regional talent recruitment for local medical schools and advanced departments to enhance the competitiveness of local high schools.

Regarding the improvement of the public healthcare system, he said, "A regional children's hospital that can protect children's health rights is absolutely necessary," and explained, "The central government will support the construction of a Busan Children's Hospital to strengthen the public healthcare system for children." For cultural development, he shared government plans to support the redevelopment of Sajik Stadium and Gudeok Stadium and to link the cafes in Suyeong-gu and Jeonpo with the Busan Cinema Center.

In his closing remarks, President Yoon emphasized, "Busan is on a different level from Singapore," noting, "Within a 100 km radius, there are advanced industrial complexes and companies. If we properly complement the finance and logistics sectors, Busan can develop to a level comparable to Singapore, encompassing advanced industries." He added that while benchmarking Singapore, Busan should not follow it exactly.

He continued, "I said we will bring Busan into a two-pole system in our country," explaining, "If there are two magnets and iron filings, having only one magnet maintains balance due to the other side. Given the current economic and industrial conditions in South Korea, establishing a two-pole system (Seoul and Busan) firmly is sufficient."

President Yoon reiterated, "The vision for Busan's development is to create a comprehensive global hub city where logistics, finance, and advanced industries harmonize. We must build a system capable of providing financial support through the relocation of the Korea Development Bank to Busan."

However, he acknowledged, "There are many opponents to the amendment of the Korea Development Bank Act," and added, "Even before the law is amended, I believe we should quickly proceed so that the Busan branch can function as the general headquarters overseeing operations across Yeongnam and Honam regions."

The public discussion forum was moderated by Lee Mangi, chairman of the Local Era Committee (professor at Inje University and former Ssireum wrestler), and gathered about 100 participants including students and parents from Busan such as Jeong Seon-yong (Busanjin High School) and Lee Na-eun (Pusan National University), businesspeople like Andrew Millard, head of the European Chamber of Commerce in Korea Busan branch, and Lee Junho, CEO of EMP Belstar, as well as academics, experts from various administrative fields, and general citizens.

From the government, Woo Dong-gi, chairman of the Local Era Committee; Lee Ju-ho, Deputy Prime Minister and Minister of Education; Park Sang-woo, Minister of Land, Infrastructure and Transport; Kang Do-hyung, Minister of Oceans and Fisheries; and Oh Young-joo, Minister of SMEs and Startups attended. From the Presidential Office, Sung Tae-yoon, Chief of Policy Office; Park Chun-seop, Senior Secretary for Economic Affairs; and Jang Sang-yoon, Senior Secretary for Social Affairs were present.

Meanwhile, this is the first time that a public discussion forum presided over by President Yoon has been held in a non-capital region outside Seoul and the metropolitan area, with Busan as the host. A Presidential Office official stated, "Public discussion forums presided over by President Yoon will continue in the future," adding, "They will expand beyond the metropolitan area to regions such as Yeongnam and Chungcheong, broadening contact points with the public nationwide."

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