Table of Contents
- The Prelude to the Economic Leap of Booulkyeong: The Promises of the Lee Jae-myung Government
- Booulkyeong Mega City: Dreaming of a Global Economic Hub Through 'Connection and Innovation'
- Customized Strategies for Each Region: Specialized Development Blueprint for Busan, Ulsan, and Gyeongnam
- Comprehensive Growth Strategy for the Renaissance of the Booulkyeong Economy
- Pledge Implementation Roadmap and Financial Securing Plans
- Conclusion: The Dynamic Future of Booulkyeong, Successful Implementation is Key
- Frequently Asked Questions (FAQ)
The Prelude to the Economic Leap of Booulkyeong: The Promises of the Lee Jae-myung Government
The Lee Jae-myung government and the Democratic Party of Korea announced innovative pledges for the economic development of the Busan-Ulsan-Gyeongnam (Booulkyeong) region during the election period. They have made it clear that they intend to make this region the core of balanced national development and to grow it into an innovative economic hub with global competitiveness.
These pledges reflect the current trend to establish a new growth model led by the region, in opposition to the concentration of development in the metropolitan area. It is expected to be an opportunity to secure future growth momentum for the Booulkyeong mega city.
Now that President Lee Jae-myung has been inaugurated, it is essential to closely examine the future of the Booulkyeong region centering on his main pledges. Discussions should continue on what benefits local residents and businesses may gain from this process.
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Booulkyeong Mega City: Dreaming of a Global Economic Hub Through 'Connection and Innovation'
The Lee Jae-myung government presents a comprehensive vision for the development of the Booulkyeong region. Beyond simple regional development, there are plans to develop Booulkyeong into an integrated economic zone that serves as a new growth engine for the national economy.
To achieve this, it is expected to move towards a direction based on highly connected infrastructure and advanced technology industries, strengthening the links with the global market. These efforts will contribute to enhancing the competitiveness of the Booulkyeong region.
One of the key projects is the establishment of the (tentative) Southeast Investment Bank.
As financial infrastructure is concentrated in the metropolitan area, local businesses are struggling to secure funds. The goal is to establish a customized financial support system for industries related to marine logistics. President Lee Jae-myung officially announced the establishment of this bank, emphasizing "Marine Capital Busan."
This bank is expected to play a crucial role in nurturing the future strategic industries of Booulkyeong as a regionally specialized national bank. This new financial support system will have a positive impact on revitalizing the local economy and supporting business growth.
The second is the construction of the Booulkyeong GTX network, connecting Busan, Ulsan, and Gyeongnam into a '30-minute living area.'
It includes the early opening of the Busan-Masan double-tracked railway and support for the construction of the Busan-Yangsan-Ulsan line. These projects are evaluated as crucial foundations for forming economic and living communities beyond just transport infrastructure.
The reduction in travel time provides businesses with a wider labor market and opens various job options for residents. This is expected to further strengthen the economic dynamism of the Booulkyeong region.
The third vision is to develop Booulkyeong as a frontline base for exploring the Arctic route, in connection with Gadeokdo New Airport, Jinhae New Port, and the Southern Inland Railway.
President Lee Jae-myung announced the establishment of an Arctic route and fisheries special secretary in the presidential office. Through this, he plans to directly manage the project, selecting Busan as the center of this strategy and a multi-modal transportation hub.
This decision presents an opportunity for the Booulkyeong region to develop into a key hub of the future global supply chain and increases the possibility of attracting large-scale investments in related industries.
Customized Strategies for Each Region: Specialized Development Blueprint for Busan, Ulsan, and Gyeongnam
The macro vision of the Booulkyeong mega city is clearly achieved through tailored development strategies reflecting the unique characteristics and strengths of each region. It is important to explore the development direction by examining individual elements of each region.
Busan aims to leap forward as a global maritime, financial, and cultural hub.
The completion of the core national project, Gadeokdo New Airport, and the establishment of transport networks for it have been presented as key tasks. Additionally, the possibility of attracting the headquarters of the (tentative) Southeast Investment Bank is being explored, along with discussions on the establishment of a maritime specialized court and the cultivation of a control tower for the Arctic route.
Furthermore, through the expansion of financial and logistics infrastructure, raising the status as an international hub city, and the development of the tourism industry linked with K-Culture have also been included as key pledges. These various pledges are expected to play an important role in further strengthening Busan's position as a marine and logistics center city, making it a hub for high-value-added service industries.
Ulsan pursues a transition to a future-oriented eco-friendly industrial city.
Ulsan is promoting the establishment of Ulsan Medical Center and a pediatric treatment center to improve public healthcare infrastructure. Additionally, there are plans to establish a national high magnetic field research institute to foster advanced material industries. The creation of floating offshore wind power plants and the introduction of AI systems into industrial complexes will also take place.
By supporting the eco-friendly transition of major industries such as automobiles, shipbuilding, and petrochemicals, Ulsan is expected to diversify its industrial structure and develop sustainable energy and advanced research and development fields. These efforts will play a crucial role in moving Ulsan towards a research-oriented economy.
Gyeongsangnam-do will focus on nurturing new growth engines and upgrading specialized industries.
Gyeongnam plans to focus intensively on fostering the aerospace industry and building a smart logistics platform in Gimhae. In addition, they will support the eco-friendly transition of shipbuilding and cultivate globally competitive small and medium-sized shipbuilders.
Moreover, a specialized offshore wind power complex will be created along the coast of Gyeongnam, and the early completion of the Southern Inland Railway and the Arctic route strategy are expected to be linked. The development of Jinhae New Port is also included as a major project.
These pledges are generating expectations that Gyeongnam will enhance its competitiveness in advanced manufacturing sectors such as aerospace and smart logistics while actively embracing new technologies and infrastructure, maintaining the strengths of existing industries.
Comprehensive Growth Strategy for the Renaissance of the Booulkyeong Economy
Various strategies have been devised for revitalizing the economy of the Busan, Ulsan, and Gyeongnam regions. In addition to pledges that consider the uniqueness of each region, the need for a comprehensive approach to the overall economic development of Booulkyeong has been emphasized.
First, the government plans to focus its capabilities on fostering new growth industries such as AI, K-Culture, renewable energy, and biohealth. In particular, there will be large-scale investments to leap towards "AI 3 강" and support for creating K-content. Additionally, measures such as creating offshore wind power plants in Ulsan and Gyeongnam will be carried out, aiming to contribute to achieving national goals while sharing the benefits with the local community.
Next, efforts will focus on enhancing the competitiveness of traditional industries such as shipbuilding and marine industries and supporting small and medium-sized enterprises. The plan is to nurture "global small and medium-sized shipbuilders" in the Gyeongnam region and promote the eco-friendly transition of Ulsan's shipbuilding industry, establishing smart yards and creating an environment that enhances the bargaining power of small and medium-sized enterprises. Additionally, support for local small and medium-sized enterprises will be strengthened through the Southeast Investment Bank. These efforts will contribute to creating a balanced economic structure in which large-scale traditional industries and innovative small and medium-sized enterprises develop complementarily.
Finally, strengthening infrastructure for smooth connectivity and logistics efficiency is identified as a key issue. The plan is to enhance domestic and international connectivity and expand roles in international trade through constructing a multi-modal logistics network that increases connectivity with Ulsan KTX in addition to the GTX network, Gadeokdo New Airport, Jinhae New Port, and the Southern Inland Railway. This infrastructure expansion will play an important role in the growth of the local economy and enhance competitiveness in the global market.
Pledge Implementation Roadmap and Financial Securing Plans
Diverse pledges for the economic development of the Booulkyeong region rely on specific implementation plans and stable financial securing for successful realization. The enactment and amendment of laws will proceed steadily from June 2025, and financial projects are planned to be included in the 2025 supplementary budget and the 2026 budget. Emergency projects such as the establishment of Ulsan Medical Center will proceed rapidly by exempting preliminary feasibility studies, while long-term vision projects such as exploring the Arctic route will be gradually developed over several years.
Financial securing plans include restructuring government fiscal expenditure and increasing revenue projections for the next few years, as well as creating a 'National Fund' to support national advanced strategic industries. This fund is expected to be formed through the participation of citizens, businesses, government, and pension funds. However, many core pledges require massive capital and long project timelines, making sustained political will, effective project management, and stable financial securing essential. These elements remain crucial tasks for successful economic development.
Conclusion: The Dynamic Future of Booulkyeong, Successful Implementation is Key
Recently, the pledges for economic development in Booulkyeong announced by the Lee Jae-myung government and the Democratic Party of Korea have a clear goal of developing this area into an innovative and integrated global economic mega city. They have the potential to be realized through various approaches such as large-scale infrastructure investment, customized financial support, nurturing new growth industries, modernizing traditional industries, and improving public welfare. If these plans are successfully executed, significant synergy effects can be anticipated.
However, several important elements are necessary to achieve these goals. An effective regional cooperation system within Booulkyeong must be established, with sustained political will and efficient resource allocation. Furthermore, attracting and retaining skilled talent is crucial, as well as being able to effectively respond to changes in the global economy. Cooperation with the private sector is also essential. Nevertheless, multiple challenges still exist, such as the massive scale and costs of projects, competition between regions, and uncertainties due to external factors.
In conclusion, the vision for economic development in the Booulkyeong region is very ambitious and future-oriented. Should core projects be effectively pursued, this area has the potential to significantly enhance its economic dynamism and contribute even more to the national prosperity of South Korea. The "practical" approach emphasized by President Lee Jae-myung is expected to play a significant role in overcoming these challenges. Ongoing interest and evaluation of the pledge implementation process will be necessary in the future.
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Frequently Asked Questions (FAQ)
Q. What is the core goal of the Lee Jae-myung government in promoting the economic development of the Booulkyeong region?
To develop Booulkyeong as the focal point of national balanced development and a global economic hub.
The Lee Jae-myung government aims to cultivate the Booulkyeong region as the backbone of national balanced development, addressing the concentration problem in the metropolitan area and establishing a growth model led by the region. Through this, they aspire to develop the Booulkyeong mega city into an innovative economic zone with global competitiveness. This policy is expected to provide various economic benefits to both local residents and businesses.
Q. What major infrastructure projects are involved in the development of Booulkyeong mega city?
Expansion of transportation infrastructure including Busan-Masan double-tracked railway, Busan-Yangsan-Ulsan line, and Gadeokdo New Airport.
The development strategy of Booulkyeong mega city prominently features the early planned opening of the Busan-Masan double-tracked railway and support for the construction of the Busan-Yangsan-Ulsan line as core projects. Additionally, the completion of Gadeokdo New Airport and the establishment of surrounding transport networks are also key tasks. These infrastructure projects will play crucial roles not only in revitalizing the local economy and forming living communities but also in improving labor market accessibility and enhancing the economic dynamism of the region.
Q. What does the financial support policy in the Booulkyeong region include?
Custom financial support related to the marine industry and the establishment of the Southeast Investment Bank.
In response to the concerns of Booulkyeong businesses struggling to secure funding due to lack of financial infrastructure, the Lee Jae-myung government aims to create a financial support system specialized for related industries in marine logistics. Emphasizing 'Marine Capital Busan,' they have officially announced the establishment of a national bank that will support Booulkyeong's future strategic industries. The promotion of the Southeast Investment Bank is also underway, which will play an important role in strengthening support for local small and medium-sized enterprises.
Q. How are the customized development strategies for each region in Booulkyeong structured?
Busan focuses on maritime and logistics, Ulsan on advanced industries and eco-friendly transitions, and Gyeongnam on aerospace and smart logistics.
Busan will push to strengthen its status as a maritime and logistics hub city through the construction of Gadeokdo New Airport, the establishment of a maritime specialized court, and the development of the tourism industry linked to K-Culture. Ulsan will aim to diversify its structure through the establishment of a national high magnetic field research institute, floating offshore wind power, and the eco-friendly transition of industry. Gyeongnam will focus on boosting competitiveness in advanced manufacturing and renewable energy by concentrating on the aerospace industry, building smart logistics platforms in Gimhae, developing globally competitive shipbuilders, and creating offshore wind power specialized complexes.
Q. What is the financial securing plan proposed by the Lee Jae-myung government for the Booulkyeong economic pledges?
Includes restructuring national finances, creating a National Fund, and reflecting the supplementary budget and budget.
For the realization of the pledges, the enactment and amendment of related laws will be conducted starting from 2025, and the funding projects are planned to be included in the 2025 supplementary budget and the 2026 main budget. Certain projects, such as the construction of Ulsan Medical Center, will be expedited by exempting from preliminary feasibility studies. To secure funding, the government will restructure its expenditure and create a National Fund that includes participation from citizens, businesses, and pension funds to support national advanced strategic industries. However, due to the nature of requiring significant capital and long-term projects, stable financial securing and maintaining political will are essential.
