Ulsan's 25 Billion Won 'Entrepreneur Bust' Faces Numerous Obstacles to Realization

Ulsan's Version of the 'Great Stone Face' Bust Construction Planned
Ulsan Mayor Kim Doo-gyeom: "Effect of Encouraging Reinvestment"

Ulsan City is promoting a project to install large busts of business leaders with a city budget of 25 billion won, but the realization faces many obstacles. As criticism continues amid debates over its appropriateness, Ulsan Mayor Kim Doo-gyeom explained the purpose of the project as "a strategic decision aimed at showcasing pride as an industrial city externally while also inducing reinvestment by businesses."

The project promoted by the city is the "Great Business Leaders Who Shined Ulsan Memorial Project," which involves spending 25 billion won to erect large busts of at least two business leaders on the site of Ulsan National Institute of Science and Technology (UNIST). The candidates for the busts include the late Chung Ju-yung, founder of Hyundai Group, the late Chey Jong-hyun, chairman of SK Group, and the late Shin Kyuk-ho, honorary chairman of Lotte Group.

Conceptual diagram of the bust of an entrepreneur promoted by Ulsan City. / Provided by Ulsan City

The busts are planned to be 30 to 40 meters tall. Since the installation site is a hilly area and considering the pedestal to be installed beneath the busts, they are expected to become large-scale sculptures visible from anywhere in the vicinity. The effect aimed is similar to the "Great Faces" sculptures at Mount Rushmore National Memorial, famous for the faces of four U.S. presidents.

The project site is located where it is clearly visible from National Route 24, which is used to enter Ulsan by car via KTX Ulsan Station and the Gyeongbu Expressway, as well as from the Ulsan Expressway. Ulsan City expects it to become a "gateway landmark" that visitors to Ulsan will see at least once.

The city estimated that the project would require a total budget of 25 billion won, including 5 billion won for land acquisition and 20 billion won for the design, production, and installation of the busts. The entire amount is planned to be secured from the city budget, and an additional supplementary budget proposal has been submitted to the Ulsan City Council for this purpose. The supplementary budget will be finalized in June after council deliberation.

However, public opinion on the bust construction is negative. There have been criticisms questioning whether a supplementary budget should be allocated for a non-urgent matter like erecting busts. Concerns were also raised about the risk of idolizing business leaders whose evaluations may be controversial.

Ulsan Mayor Kim Doo-gyeom explained, "It is a strategic decision aimed at showcasing pride as an industrial city externally while also inducing reinvestment by businesses."

Mayor Kim further stated, "There are quite a few companies considering investment or relocation to the metropolitan area due to a shortage of talent and high land prices, but this bust installation project is expected to make them reconsider such decisions and have the effect of attracting reinvestment in Ulsan."