Ahn Dogeol Calls for Yeosu Industrial Complex to Be Designated as an Industrial and Employment Crisis Area

High Exchange Rates and Chinese Dumping Directly Hit Local Economy
"Supplementary Budget and Local Currency Issuance Needed to Revitalize Commercial Districts"

Democratic Party lawmaker Do-Gul Ahn is speaking at the Livelihood Economic Recovery Inspection Team meeting held on the 23rd. Photo by Do-Gul Ahn's office

The Yeosu National Industrial Complex is facing difficulties due to the high exchange rate and aggressive dumping by China. Major corporations such as LG Chem and Lotte Chemical, as well as their partner companies, which are centered around the petrochemical and steel industries in the Yeosu Industrial Complex, have been directly hit, reporting sharp declines in sales, operating losses, and net losses one after another, spreading negative effects throughout the local economy.

In particular, the Yeosu Industrial Complex is the world's largest single petrochemical complex and accounts for 6.1% of domestic manufacturing production and 7.9% of exports, making it one of the five key foundational industries. There are growing concerns that this could negatively impact the entire national economy.

Ando Geol, a member of the Democratic Party of Korea (representing Gwangju Dongnam-eul), urged at the Democratic Party's Livelihood and Economic Recovery Task Force meeting held on the 23rd, "The Yeosu Industrial Complex area should be promptly designated as an Industrial Crisis Response Area and Employment Crisis Response Area," and called for an active response from the government.

Representative Ando emphasized, "To strengthen the competitiveness of the petrochemical industry, comprehensive measures are needed, such as emergency policy funding, R&D funding for the development of high value-added technologies and products, expansion of employment retention subsidies, and vocational training for current employees." He also stressed, "To revitalize the stagnant local commercial district, support for the issuance of local currency through a supplementary budget should be expedited."