SEOUL, President Yoon Suk Yeol said Tuesday he will enact a special bill aimed at developing the southeastern port city of Busan into a global hub city as part of efforts to achieve balanced development across the country.
Yoon made the announcement during a government-public debate held in Busan, the nation’s second-largest city, which is home to 3.43 million residents out of the country’s total population of 51.7 million.
“To foster Busan as the pivotal hub of the southern region and indisputably the second-largest city of the Republic of Korea, ‘Global Hub City Special Act’ will be enacted,” Yoon said.
Balanced regional development has been a primary policy objective of the Yoon administration, with the president emphasizing its significance for national growth.
“Opening the era of regional balanced development to restore the total fertility rate to one is more crucial and prioritized than ever,” Yoon said.
The country’s total fertility rate — the number of children expected to be born to a woman ov
er her lifetime — fell to an all-time low of 0.78 in 2022, well below the replacement level of 2.1 needed to keep the country’s population stable.
Highlighting Busan as a symbol of the nation’s enduring efforts toward deconcentration, Yoon announced various incentives for companies operating in Busan, as well as in the nearby city of Ulsan and the surrounding South Gyeongsang Province.
Companies based in the regions will enjoy a range of tax and financial benefits, in addition to assistance in attracting talent from across the country.
Yoon also referenced ongoing projects crucial in establishing Busan as a global hub city, such as the opening of an international airport on Gadeok Island in Busan scheduled for 2029.
He also mentioned another project underway, the relocation of the Korea Development Bank to Busan, which was also among his campaign pledges. The bank is currently headquartered in Seoul.
“The Korea Development Bank will be relocated to Busan as soon as possible, and will be actively utilize
d as a power leading Busan as a global hub city,” Yoon said.
To help Busan truly develop into an advanced hub, Yoon said the government will support bringing in foreign education agencies and building a children’s hospital.
The debate marks the 11th session in a series addressing issues related to people’s livelihoods and is the first held outside the wider capital area. Yoon’s pledge also came ahead of April’s parliamentary elections.
Source: Yonhap News Agency