Lee Administration’s Solution for Regional Growth: Attracting Corporate Investment... Ruling Party Launches Special Committee for Balanced National Development

[Financial News] On the 13th, the Democratic Party of Korea (DPK) launched the Presidential Committee for Balanced National Development and declared its full commitment to advancing the Lee Jae-myung administration’s regional balanced development policy, the Five Mega-Regions and Three Special Self-Governing Provinces Policy. The party emphasized that the current regular session of the National Assembly of the Republic of Korea, coinciding with budget deliberations, presents a prime opportunity to secure legislation and funding for this policy, and reaffirmed its intention to focus on the National Assembly’s role.
On this day, the DPK held the launch ceremony for the Presidential Committee for Balanced National Development at the National Assembly of the Republic of Korea. The event was attended by National Assembly Speaker Woo Won-shik, Kim Kyoung-soo, Chair of the Presidential Committee for the Era of Local Autonomy, Kim Jung-kwan, Minister of Trade, Industry and Energy (MOTIE), and other key figures from the National Assembly and the government. They collectively agreed that attracting corporate investment is essential to laying the groundwork for balanced regional growth.
Speaker Woo Won-shik highlighted, “It has already been four to five years since half the country’s population began to concentrate in the Seoul metropolitan area, which accounts for only 11.8% of the nation’s land area.” He stressed that addressing this imbalance is a long-term national priority.
He further stated, “Extraordinary measures are necessary,” and suggested, “We must ensure that companies relocating to the regions receive tax benefits and are convinced that moving outside the capital area is advantageous,” outlining the policy direction.
Kim Kyoung-soo, Chair of the Presidential Committee for the Era of Local Autonomy, presented the government’s roadmap and appealed for the party’s support in terms of budget and legislation.
Kim Kyoung-soo first emphasized attracting corporate investment to the regions and forming regional economic and living zones. As an incentive, he announced plans to foster outstanding talent through the Project to Establish 10 Universities Equivalent to Seoul National University.
Additionally, he stated that companies investing in strategic projects in each region, utilizing the government’s R&D budget, will receive focused support, including financial and tax incentives.
The living conditions for young people, who will drive the regional economy, will also be improved. Plans include upgrading metropolitan transportation networks and expanding educational, medical, and cultural infrastructure.
To this end, Kim Kyoung-soo stated, “Passing legislation and securing the budget in this regular session of the National Assembly is the first step,” and added, “Since the special committee was established within the party, we are determined to succeed, recognizing that our government cannot survive without these changes.”
Minister Kim Jung-kwan presented the Ministry of Trade, Industry and Energy (MOTIE)’s vision to expand industrial sites concentrated in the capital area nationwide, establish special agreements among companies, universities, and local governments, and improve infrastructure to encourage young people to settle in the regions.
Minister Kim also announced plans to promptly designate regions facing industrial crises and support their rapid economic recovery through comprehensive government assistance, including financial, tax, and fiscal measures.
The DPK reaffirmed its commitment to making every effort at the National Assembly level to achieve the government’s roadmap.
Kim Young-bae, Senior Vice Chair of the Presidential Committee for Balanced National Development, stated, “We will support the agreements already reached between the party and the government through legislation,” and pledged, “We are determined to deliver tangible results during the Lee Jae-myung administration.”
[email protected] Kim Hyung-gu Reporter