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The government will start building a mega economic zone on the south coast later this year by grouping Mokpo in South Jeolla Province, Busan and other southern cities. Tentatively named the Sun Belt economic zone, it will have as big a population and economic power as the Seoul metropolitan area. The government will subdivide the area into three zones: Busan, Mokpo and southern central zone, which clusters together six cities and counties in South Jeolla Province and South Gyeongsang Province. The economic zone will house industrial complexes and research and development parks.
Senior presidential secretary for state affairs planning Kwak Seung-joon unveiled the plan in a keynote speech at the 16th Chosun Economic Forum hosted by the Chosun Ilbo on Wednesday. The project aims to narrow the gap between the capital area and the provinces and achieve balanced development of the nation, he said. The Sun Belt project will replace a plan to divide the nation into five economic and two special zones which was pushed by the presidential transition committee. It was reviewed by presidential chief of staff Yu Woo-ik, Kwak said.
Kwak said the Sun Belt economic zone will be built in connection with the construction of infrastructure for the 2012 Expo in the southern port city of Yeosu. It will also be linked to inland areas of Jeolla Province like Gwangju. The Presidential Committee on Balanced National Development will finalize the project in June to put it into action in the latter half of the year.
The southern central zone will enjoy various tax breaks, deregulation benefits and financial support from the central government, which are equivalent to those given to Jeju Special Self-Governing Province. High tech, tourism, medical and education industries will be fostered in the zone. The central government, South Gyeongsang Province and South Jeolla Province will jointly set up a southern central economic zone administration with independent powers to attract foreign investment and draw up industrial plans. The government wants large corporations to build a second head office in the zone --five out of the nation¡¯s top 30 firms, at least -- with the aim to increase the population of the region from the current 930,000 to 2 million.
The Busan zone will be developed as a hub for the film, culture, tourism and conventions industries. The government will start building the Busan-Jinhae free economic zone earlier than scheduled to facilitate the development of the Busan economic zone. The Gangseo District of Busan, the nation¡¯s second largest city, is to be reborn as a logistics center.
The Mokpo zone, meanwhile, will be developed as part of an existing project to boost tourism and leisure industries in the southwestern coastal area. Infrastructure facilities will be built in preparation for the 2012 Yeosu Expo. The Mokpo zone will be home to maritime and medical industries. The Daebul Industrial Complex, which was recently designated as an innovative shipbuilding cluster, is located in the zone. The government will complete construction of a bullet train line linking Gwangju and Mokpo by 2015, two years earlier than previously scheduled.
(englishnews@chosun.com )
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