Yoon Seok-yeol Unveils Policy Package for Busan: Gadeokdo Airport, North Port Redevelopment, and Korea Development Bank Relocation

On the 13th, about 50 days before the 22nd general election, the government held a public livelihood debate in Busan on the topic of the local era and announced a policy package focusing on the construction of a new airport on Gadeokdo Island and the promotion of the Busan Port North Port redevelopment project. President Yoon Seok-yeol, who visited Busan for the first time in 69 days, said, “We will enact the ‘Global Hub City Special Act’ to foster Busan as the center of the southern region and the second city in Korea in name and reality.”

In his opening remarks, President Yoon said, “By designating Busan as a special financial and logistics zone and investment promotion zone, we will strengthen financial and tax support for companies moving in and create an autonomous educational environment to attract talent,” adding, “Through this, we will make Busan a global logistics zone.” ·We will develop it into a hub city for the financial and high-tech industries.”

In addition, President Yoon said, “There are pending projects that must be completed in order for Busan to firmly establish itself as a global hub in the southern region,” adding, “The new Gadeokdo Airport, which is targeted to open in 2029, the redevelopment of North Port and the undergrounding of the Gyeongbu Line are important projects that connect the airport, port, and railroad.” “These are essential projects of the three-axis system,” he explained. He continued, “In particular, we will develop Dong-gu and the North Port area, the original city center of Busan, into an international business district, the core of a global hub city,” and added, “By 2027, we will develop a marine tourism complex, opera house, waterfront theme park, etc. that combines marine tourism, commerce, culture, and international events. “We will promote the development of the first phase of the international district and actively support attracting investment for this purpose,” he said. He added, “In the second phase, we will develop the area so that international event finance business and R&D facilities can be established without a hitch,” adding, “We will make the redevelopment of North Port, a wish of Busan citizens, a global success story.”

Regarding the plan to relocate the Korea Development Bank to Busan, President Yoon said, “We will relocate as soon as possible and actively use it as a driving force to lead Busan as a global hub city,” adding, “We will strengthen the functions and manpower of the Korea Development Bank’s southeastern region headquarters to provide finance to companies in the Bu, Ul, and Gyeong regions.” “We will significantly expand support,” he said.

In addition, President Yoon said, “Regions must discover growth engines that have comparative advantages on their own, and the central government must actively promote these to fully utilize our entire country,” adding, “This year, the government will provide jobs so that the people can experience a true regional era.” “We will boldly pursue the three major livelihood package policies of the local era that link human resources, human resources, and living environments,” he said.

“Gadeokdo Airport opens by December 2029… “Full-scale promotion of North Port redevelopment”

The Ministry of Land, Infrastructure and Transport announced at a public livelihood debate that day that it plans to open the new Gadeokdo Airport by December 2029 as originally planned and create a logistics support facility site of 1.26 million square meters, the size of about 180 soccer fields. Following the announcement of the basic project plan in December last year, the government is currently proceeding with procedures for land compensation, design of building facilities, and ordering of site development projects. A government official said, “We have decided to proceed with the site construction project, which is the largest in scale, through a design and construction package bidding method,” adding, “The site development project is the company that placed the construction order by June and submitted the best basic design at the end of this year.” “We plan to select a qualified person for implementation design,” he said.

The Ministry of Oceans and Fisheries plans to promote the North Port redevelopment project in earnest. The Ministry of Oceans and Fisheries plans to install a tram and an opera house on the upper part of the site to make the North Port a marine tourism base, and said it will seek early revitalization of the business by preparing a strategy to attract investment. A government official said, “An agreement will be signed between participating organizations this year regarding detailed plans for tram construction, and the project will be completed in 2027 as planned,” and “We will also continue to promote public content projects.”

The Financial Services Commission said it plans to move the Korea Development Bank to Busan. The Financial Services Commission expected that if KDB relocates to Busan, the region’s industrial competitiveness will not only be improved, but an environment will be created where young talents can get good jobs in Busan and start businesses and grow using their own ideas. An official from the Financial Services Commission said, “As the amendment to the Korea Development Bank Act, which involves relocating KDB’s head office, has already been submitted to the National Assembly and is being discussed, the government plans to do its best to ensure that the amendment is passed within this National Assembly.”

In addition, the government plans to promote the reconstruction of Sajik Baseball Stadium and the designation of a pilot area for special educational development zones.

Jeong Bong-oh, Donga.com reporter bong087@donga.com

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