President Lee Announces Accelerated Relocation of Ministry of Oceans and Fisheries and State Enterprises to Busan

President Lee Jae-myung declared the swift relocation of the Ministry of Oceans and Fisheries, its affiliated agencies, related enterprises, and state-funded organizations to Busan, as part of his ongoing commitment to regional development. Speaking at the "Listening to Busan’s Voice" town hall held at the Pukyong National University Convention Center on July 25, President Lee pledged to expedite the transfer process for government offices and their subsidiaries.

He underscored the rapid progress already underway, emphasizing not only administrative relocations but also the advancement of the Maritime Court’s establishment and the creation of a Southeast Investment Bank. "We intend to move up the schedule as much as possible," said President Lee, highlighting the government's intention to prioritize these initiatives.

President Lee further addressed the limitations of South Korea’s traditional, centralized development model. "Balanced regional development has now become a national survival strategy," he stated, signaling a decisive shift towards more favorable resource allocation and policy decisions for local regions.

Touching upon the "megacity" concept, the President cited the Busan-Ulsan-Gyeongnam region as a future engine for socio-economic advancement, made possible by the expansion of a metropolitan economic bloc. He also referenced the example set by the Chungcheong region’s megacity development.

Highlighting the comparative advantages of different areas, President Lee noted the renewable energy resources in Honam and the robust port logistics infrastructure in the Busan-Ulsan-Gyeongnam region. He explained that tailored development strategies are being pursued in the southeast, leveraging port and logistics city competitiveness.

Significantly, the President pointed to the potential benefits Busan could gain from the emerging Arctic shipping route, a result of climate change. He warned, "If we do not prepare in advance, we may miss a golden opportunity," stressing the necessity for proactive measures.

This town hall meeting was the third in a series following those held in Gwangju on June 25 and Daejeon on July 4. The event brought together approximately 200 participants, including Minister of Oceans and Fisheries Jeon Jae-soo, Chairman of the Regional Era Committee Kim Kyung-soo, Busan Mayor Park Hyung-joon, as well as members of the public.

Note “This article was translated from the original Korean version using AI assistance, and subsequently edited by a native-speaking journalist.”

Photo=Republic of Korea Policy Briefing