Shortcut to Body Shortcut to main menu

Investment News

  • Home
  • About Us
  • Newsroom
  • Investment News
Korea to develop Busan into global hub city

[Courtesy of Office of the President]

According to Pulse by Maeil Business News Korea,

The South Korean government is pushing for a special law to develop Busan, the second largest city in the country, into a global hub city akin to Singapore or Shanghai.

“We will enact the ‘Global Hub City Special Act’ to develop Busan as the center of the southern region and Korea’s undisputed second city,” President Yoon Suk Yeol said during a policy debate held at Busan Metropolitan City Hall on Tuesday, the 11th in a series of debates on livelihood issues. The Global Hub City Special Act will be designed to allow for the simultaneous designation and operation of multiple regulation-free zones in Busan.

The government aims to transform Busan into an innovative hub city in the southern region, comparable to Singapore.

“By designating a financial logistics special zone and an investment promotion zone in Busan, we will strengthen financial and tax support for tenant companies and create an autonomous education environment to attract top talents,” Yoon added.

The Centum 2 district, which is scheduled to break ground in the second half of 2024, will be designated as an urban convergence special zone to create a hub for high-tech industries including future mobility, robotics, and artificial intelligence.

The urban convergence special zone is one of the four special zones (opportunity development, education development, urban convergence, and cultural zones) that the government is promoting to create growth centers with concentrated industrial, residential, and cultural aspects in major cities outside the capital.

The Centum 2 district, spanning 1.91 million square meters in the Banyeo, Bansong, and Seokdae-dong areas of Haeundae-gu, Busan, will be developed by 2030 with a combination of government funds, city funds, and private investment.

By Hong Hae-jin, Park Dong-min, Park Yun-gyun, and Yoon Yeon-hae

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (February 14, 2024)

Meta information