KoreaToday Seatopia Project to Fuel Growth of Southern Coasts
By Do Je-hae
Staff Reporter
The nation's industrial stronghold of South Gyeongsang Province is preparing to transform the adjacent coastal area into a major sea power by pursuing the "Seatopia in Asia" initiative, a signature marine development project of Governor Kim Tae-ho.
Its essence is to nurture marine resources and leisure, tourism and high-tech industries along the coasts of South Gyeonsang Province, bounded by the East Sea, Busan and South Jeolla Province. By 2020, the project will result in $40,000 of Gross Regional Domestic Product (GRDP), which currently stands at $23,000, the governor said.
The main purpose of the project is two-fold: to transform the southern coastline into the "Mediterranean of Northeast Asia" over the next 10 to 20 years and to develop the region as a key economic sphere, following the Seoul and metropolitan region.
During a report on Nov. 12 to the provincial assembly on key administrative agendas for the New Year, the governor made it clear that the Seatopia project would be his top priority, particularly as the Ministry of Land, Transport and Maritime Affairs is planning to give final approval in December.
"The 'Age of the Southern Coast' is no longer just a slogan, but it is slowly becoming a reality, particularly with active support from the central government. We have finalized a comprehensive plan to advance the southern coastal region," Kim said in an address before the members of the provincial assembly. "Based on the administrative and legislative backing, we will exert all possible efforts to expedite the development of the 'Seatopia' project."
The finalized scheme of development for the southern coasts will be officially put into practice next year, ministry officials said.
Previously, developments to the southern coastal areas have been hampered by restrictions to protect the national marine parks there. However, the central government has removed them to allow more development and construction of facilities that had formerly been forbidden.
Against such a backdrop, foreign investment is picking up in the area. A large-scale marine tourism project has been planned around the harbors of Geoje City for the first time. The Florida Marina Development has recently committed to a $400 million project to install cruise facilities over the next ten years.
The "Seatopia" initiative was first envisioned by the governor four years ago, following inspiration from a visit to the prosperous southern coastal regions of France, home to cities like Cannes and Nice. He thought that their transformation into hubs of marine industry and tourism had implications for the underdeveloped coastal resources of Gyeongsang Province.
Under the plan, the region will direct particular focus on promoting marine tourism and leisure industries and inviting foreign investment and nurturing high-tech industries, especially those of robots and machinery.
Increasing Sea Power
In light of the indispensable role of the sea as a future growth engine, countries across the globe, including China, Japan and the United States, are placing increasing importance on marine strategies for raising their nation's competitiveness.
Currently, marine-related industries account for 5.4 percent of the GDP. The governor has stressed that now is the time to bring up that percentage by making full use of South Gyeongsang's geographical merits.
The "Seatopia" project is also a major component of the nation's strategy for balance development of all provinces. By creating a common economic sphere composed of the South Gyeongsang, Busan and South Jella Province, the project will give Korea a new engine of growth other than the Seoul, Incheon and metropolitan regions.
Governor Kim has recently been touring places like Miami, Fla., to experience what it takes to build a world-class marine leisure town, making stops at harbors, cruise terminals, condominiums and other major marine tourism facilities. He met with city and industry officials to discuss joint ventures. The governor has also been to Argentina and Brazil to publicize his province.
Foreign investors are increasingly showing interest in doing business in South Gyeonsang Province.
During a regional investment fair held in Seoul in August, South Gyeongsang Province came in second after Incheon to secure the highest number of new investments.
"South Gyeongsang will make full use of its industrial strengths in attracting investment from corporations in the capital region and from overseas businesses," Kim said.