President Yoon Announces Creation of 800 Billion KRW 'Donghaean Hydrogen Economy Industrial Belt'

President Yoon Suk-yeol is speaking at the 26th "Public Livelihood Discussion" held under the theme "Northeast Asia Advanced Manufacturing Innovation Hub, Gyeongbuk" on the 20th at the Cheonma Art Center, Yeungnam University Gyeongsan Campus, Gyeongsan-si, Gyeongbuk.
[Image source=Yonhap News]

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President Yoon Suk-yeol stated on the 20th, "For Gyeongbuk to make a new leap forward, industrial structure innovation is paramount," adding, "We will support the creation of an 800 billion KRW-scale East Coast 'Hydrogen Economy Industrial Belt' project to develop Gyeongbuk into a 'hydrogen industry hub'." He also presented a blueprint to connect Gyeongbuk and the entire country into a '2-hour living zone' by accelerating the construction of the 3.4 trillion KRW-scale Yeongilman Transversal Expressway and the Seongju?Daegu Expressway.

On the same day, President Yoon held the 26th 'Public Livelihood Discussion' under the theme "Northeast Asia Advanced Manufacturing Innovation Hub, Gyeongbuk" at Yeungnam University located in Gyeongsan, Gyeongbuk. This discussion was held outside Seoul for the first time in three months since the March Chungbuk Livelihood Discussion.

In his opening remarks, President Yoon said, "Currently, the Pohang 'Hydrogen Fuel Cell Cluster' and Uljin 'Nuclear Hydrogen National Industrial Complex' are being promoted. For this, the 'hydrogen pipeline network construction' is essential," emphasizing, "We will support smooth financing by using the 'Regional Revitalization Investment Fund' as seed money."

He continued, "Through the establishment of the 'Nuclear Power Industry Growth Fund,' technology development, prototype production, and infrastructure expansion, we will support the creation of a 300 billion KRW-scale 'Small Modular Reactor (SMR) National Industrial Complex' in Gyeongju, and ensure the steady construction of Shin-Hanul Units 3 and 4 to restore the nuclear power industry ecosystem and lead new industrialization with Gyeongbuk playing a pioneering role." The Gumi Industrial Complex, designated as a semiconductor specialized complex last July, will be nurtured as a production base for semiconductor materials and components, and plans include establishing an 'R&D Verification Center' for system semiconductor design verification by 2026.

President Yoon also announced, "We will invest 150 billion KRW to build a 'Startup Park' in Gyeongsan and an 'Advanced Manufacturing Incubating Center' in Pohang, and create a 30 billion KRW-scale regional innovation venture fund to support financing, nurturing Gyeongbuk as a key player in 'Startup Korea'." He introduced plans to develop Gyeongbuk as a hub for smart farms, expand the successful model of the 'Innovative Agriculture Town' nationwide, and actively utilize the 250 billion KRW-scale Ministry of Agriculture, Forestry and Fisheries advanced smart farm support budget.

President Yoon Suk-yeol is speaking at the 26th "Public Livelihood Discussion" held under the theme "Northeast Asia Advanced Manufacturing Innovation Hub, Gyeongbuk" on the 20th at the Cheonma Art Center, Yeungnam University Gyeongsan Campus, Gyeongsan-si, Gyeongbuk.
[Image source=Yonhap News]

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The outdated transportation infrastructure in Gyeongbuk will also be significantly expanded. President Yoon emphasized, "We will rapidly push forward the construction of the 3.4 trillion KRW-scale Yeongilman Transversal Expressway and accelerate the construction of the Seongju?Daegu Expressway to connect Gyeongbuk and the entire country into a '2-hour living zone.' We will also firmly manage plans to expand the chronically congested National Road No. 7 section from Gyeongju to Ulsan from four lanes to six lanes."

Efforts will also be actively made to build tourism infrastructure utilizing Gyeongbuk's natural environment. President Yoon promised, "We will create a 130 billion KRW-scale National Marine Ecological Park at Homigot, Pohang, and support the East Coast leisure belt project to build hotels and resorts in Pohang, Yeongdeok, Uljin, and other East Coast areas."

Additionally, with an investment of 20 billion KRW, a 'East Sea Defense History and Culture Center' will be established in Pohang by 2026, and plans are underway to build an 'International Education Center' to enhance the global capabilities of Gyeongbuk students and support students from multicultural families. Regarding the integration of Gyeongbuk and Daegu, President Yoon added, "We will spare no government support to ensure that the integration improves residents' quality of life and becomes a new driving force for regional development."

About 100 people attended the discussion, including local residents, energy new industry-related entrepreneurs in nuclear power and hydrogen sectors in Gyeongbuk, startup entrepreneurs, parents, and members of the Gyeongbuk Local Era Committee. From the government and local governments, attendees included Woo Dong-gi, Chair of the Local Era Committee; Lee Sang-min, Minister of the Ministry of the Interior and Safety; Ahn Deok-geun, Minister of the Ministry of Trade, Industry and Energy; Park Sang-woo, Minister of the Ministry of Land, Infrastructure and Transport; and Oh Young-joo, Minister of the Ministry of SMEs and Startups. 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, participated.

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