Busan Metropolitan City’s development has stagnated due to many restrictions, even though the city is a linchpin of Northeast Asia, which is emerging as the pillar of growth in the global economy.

This Act aims to designate Busan Metropolitan City as Busan Maritime Special City and provide necessary support for the city to take a step forward as an international maritime city to internationally maximize the growth potential of Busan Metropolitan City, a center of the Korean maritime industry, strengthen the maritime industry’s international competitiveness, and thereby enhance the country’s competitiveness while domestically promoting decentralization and balanced national development.

Details

A. Establish Busan Maritime Special City directly under the government (Article 4)

B. Place the Busan Maritime Special City Growth and Development Support Committee under the Prime Minister to support Busan’s development into an international maritime city (Article 5)

C. Require the Mayor of Busan Maritime Special City to establish the Busan Maritime Special City Comprehensive Development Plan for Busan’s development (Article 6)

D. Put in place the Busan Maritime Special City Comprehensive Development Plan Review Committee to review the Busan Maritime Special City Comprehensive Development Plan (Article 10)

E. Allow the State and Busan City to provide tax relief to the operator or related enterprises of port facilities, maritime fishery resources, and maritime fishery industries in the jurisdiction of Busan (Article 11)

F. Allow the Minister of Land, Infrastructure and Transport to designate Cutting-Edge Marine Science Technology Park in Busan City to promote cutting-edge maritime tech industries, facilitate research on related technologies, and nurture professionals (Article 12)

G. Allow the Mayor of Busan City to designate Busan Maritime Investment Districts and Busan International Conference Districts (Articles 13 and 14)

H. Allow the Mayor of Busan City to designate trade ports in the jurisdiction of Busan as Ship Registration Special Districts to encourage ship registration (Article 17)

I. Require Busan City to provide foreign language services to improve convenience for foreign investors and establish a globalized educational environment (Articles 20 and 21)

Establish the Busan Maritime Special City Growth and Development Support Committee under the Prime Minister (Article 5)