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Busan rallies to secure its future
International students watching a presentation on Global Hub City Busan.
The Busan Global Hub City Special Act received significant support from citizens and public and private sector institutions. Nearly 1.4 million citizens participated in a signature campaign from Aug. 27 to Sept. 30, expressing their desire for the central government to pass the Special Act.
Busan Mayor Park Heong-joon submitted the collected signatures to the National Assembly on Nov. 5, underscoring citizens' overwhelming support for the proposed legislation.
The Busan Global Hub City Special Act is intended to transform Busan into a premier global destination for living, working and investing. It includes measures to reduce tax burdens for international residents and businesses, including customs and corporate taxes; promote business innovation and growth through deregulation; enhance living conditions by investing in education, amenities, and infrastructure; and foster a foreigner-friendly environment to attract global talent and international businesses.
The act also seeks support for significant projects already underway, including the planned opening of Gadeokdo New Airport in 2029, the relocation of the headquarters of the Korea Development Bank to Busan, and the redevelopment of North Port. These projects are necessary to advance the city's ambition of transforming into an international logistics, finance, technology and tourism hub.
Mayor Park emphasized the importance of the proposed legislation in driving sustainable development across Korea. "The President, his cabinet and both parties in the National Assembly recognize the necessity of this legislation," he stated. "This is not just about Busan. It is a national strategy to address the imbalance caused by the unipolar dominance of Seoul and the surrounding area. I will do my best, alongside our citizens, to ensure the Act passes by the end of this year."