President Yoon Chairs 11th Public Livelihood Forum in Busan
Korea Development Bank to Relocate to Busan Soon
Dong-gu and Bukhang Area to Develop into International Business District
Plans to Support Construction of Children's Hospital Also Introduced
President Yoon Suk-yeol announced on the 13th, "We will enact the 'Global Hub City Special Act' to develop Busan as the central axis of the southern region and the undisputed second city of the Republic of Korea."
On the same day, President Yoon presided over the 11th public discussion forum themed "The Local Era Fully Opened by Busan" at Busan City Hall in Yeonsan-dong, Yeonje-gu, Busan, stating, "I have repeatedly emphasized since the election that the two major axes of Seoul and Busan must be the center for the overall development of Korea."
He explained that to recover the total fertility rate to 1.0, it is necessary to alleviate overcrowding in the metropolitan area including Seoul (about 9.5 million), Gyeonggi (about 14.5 million), and Incheon (about 3 million), and to achieve balanced regional development, making the development of Busan, the largest city in the southeastern region, essential.
President Yoon emphasized, "We will designate Busan as a financial logistics special zone and an investment promotion district to strengthen financial and tax support for resident companies and create an autonomous educational environment to attract talent. Through this, we will foster Busan as a global logistics and advanced financial industry hub city."
He continued, "We will also expedite the relocation of the Korea Development Bank to Busan and actively utilize it as a driving force leading Busan as a global hub city. First, we will reinforce the functions and personnel of the Korea Development Bank’s Southeast Regional Headquarters to significantly expand financial support for companies in the Busan, Ulsan, and Gyeongnam regions. We will ensure that even the relocation of the Korea Development Bank produces tangible effects."
President Yoon Suk-yeol is delivering opening remarks at the 11th People's Livelihood Discussion held at Busan City Hall on the 13th. [Image source=Yonhap News]
President Yoon stated, "Furthermore, there are essential pending projects that must be completed to firmly establish Busan as the global hub and southern regional base. The new Gadukdo Airport, targeted to open in 2029, the redevelopment of the North Port, and the undergrounding of the Gyeongbu Line are essential projects forming a three-axis system connecting the airport, port, and railway."
He also introduced plans to develop Dong-gu and the North Port area, the original downtown of Busan, into an international business district, which will be the core of the global hub city.
President Yoon said, "By 2027, we will promote the first phase of international district development combining marine tourism, commerce, culture, and international events, including a marine leisure complex, opera house, and waterfront theme park, and actively support investment attraction for this. In the second phase, we will develop international event finance business and research and development (R&D) facilities without delay. We will make the North Port redevelopment, a long-cherished wish of Busan citizens, a world-class success story."
He also explained plans to improve living conditions such as education, healthcare, and culture, in addition to corporate and infrastructure development, to attract talent. President Yoon promised, "We will create education development special zones led by local regions to establish a virtuous cycle where talent educated locally contributes to regional development. From childcare to higher education, we will create models desired by the region, and if local governments and education offices invest their capabilities, the central government will ease regulations and provide financial support to firmly back this."
He outlined plans to establish autonomous public high schools, attract foreign educational institutions, and expand regional talent selection for local medical schools and advanced departments to enhance the competitiveness of local high schools.
Regarding the improvement of the public health care system, he explained, "A regional children's hospital that can protect children's health rights is absolutely necessary. The central government will support the construction of a Busan Children's Hospital to strengthen the public health care system for children." For cultural development, he also shared government plans to support the redevelopment of Sajik Stadium and Gudeok Stadium and to link the cafes in Suyeong-gu and Jeonpo with the Busan Cinema Center.
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