"Towards a Global Hub City Comparable to Singapore"
Fostering Logistics, Finance, and Advanced Industries... Designation as a Special Zone
Regulatory Improvements by Ministries and Consolidation into a Special Act for Exceptions
The government is pushing for a special law that consolidates scattered special cases from various ministries to transform Busan into a 'global hub city' comparable to Singapore.
On the 13th, the government held the 11th "Public Livelihood Discussion" chaired by President Yoon Seok-yeol, announcing this plan as part of the local era livelihood package policy.
Led by the Ministry of the Interior and Safety, the government plans to develop Busan as a southern regional innovation hub and turn it into a global hub city comparable to Singapore. Singapore grew into a global hub city through tax reductions and easing regulations on foreign employment. The government intends to establish the institutional foundation for this by promoting the enactment of the "Busan Global Hub City Special Act."
A government official explained, "The government is working on plans to develop regions with distinctive characteristics, such as Jeju Island focusing on tourism and Jeollabuk-do on agro-bio and biotechnology. Regarding Busan, the plan includes institutional improvements and special cases related to logistics and finance to foster its development."
The special law will provide the basis for the state and Busan to promote policies for international logistics, global finance, and advanced industry development. It will include special cases that leverage Busan's strengths, such as designation of special zones and districts, and administrative and financial support. Notably, regulatory improvements and special cases handled by each ministry are consolidated into a single special law. Once enacted, it is expected to resolve the industry's long-standing demands at once.
Additionally, the law includes the establishment of the "Global Hub City Creation and Competitiveness Enhancement Committee," chaired by the Prime Minister, to review and support plan formulation. A mid- to long-term development foundation will also be established, including the creation of comprehensive plans every five years and annual implementation plans.
Furthermore, the law aims to create a global education and cultural environment. Regulations related to foreign educational institutions and international schools will be eased, and residential conditions for foreign companies and workers will be improved to build a "residential environment where people from around the world want to live."
The government plans to complete inter-ministerial consultations within this month and push for the bill to pass before the end of the 21st National Assembly in May this year. The special law bill was jointly proposed last month by lawmakers from both ruling and opposition parties, including Jeon Bong-min of the People Power Party.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
