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President Yoon pledges support for Busan's growth
On Dec. 6, President Yoon Suk Yeol reaffirmed his commitment to building the systems and infrastructure necessary to develop Busan into a global hub city.
The president and Korea's top political and business leaders were in town to participate in a meeting at the Busan Port International Exhibition & Convention Center. He announced that the central government would do what was necessary by enacting special laws and cutting red tape to facilitate upcoming projects.
Those projects include the construction of Gadeokdo New Airport, the relocation of the Korea Development Bank headquarters and the North Port Redevelopment Project. The three projects are essential to Busan's transformation into a logistical, financial, digital and advanced industry hub.
During his speech, Yoon emphasized that the infrastructural upgrades are necessary for Busan and the Southern region as a whole. He is focused on balancing development nationwide to stimulate the economy. Yoon stressed that Busan and Seoul must play pivotal roles as the two central pillars to upgrade Korea to the next level.
Members of the president's Cabinet echoed promises to develop Busan. The Minister of Land, Infrastructure and Transport vowed to keep the government's promise to open Gadeokdo New Airport as scheduled. In addition, the Minister of Trade, Industry and Energy plans to designate Busan as an Opportunity and Development Zone. ODZs offer various tax benefits to encourage corporate relocations and investments. The official said the government envisions the city as a center of cutting-edge technology that fosters small and midsize enterprises and startups.
Lee Jae-yong, Executive Chairman of Samsung Electronics, and Jae-Won Chey, Senior Vice Chairman at SK Inc., also expressed their willingness to join the pan-government effort to develop the city.
Busan Mayor Park Heong-joon responded that Busan would devote its unrelenting efforts to create a global hub city where people from around the world can freely invest, live in and visit. He noted that Busan would lead the development of the Southern region and the nation.
After the meeting, President Yoon, Mayor Park and the business leaders visited Gukje Market to have lunch and meet citizens. It was the president's first time at the market since his inauguration in 2022.
Gadeokdo New Airport concept art.
North Port, currently being redeveloped.