South Korea has set a new record by building the world's longest seawall. On Tuesday, the nation celebrated the completion of the 33.9-kilometer-long seawall along the southwestern coast. It has taken 19 years to put the finishing touches to the landmark work. It beat out the present record-holding dike at the Zuiderzee Works in the Netherlands by a margin of 1.4 km.
The construction of the seawall began as part of a pork-barrel reclamation project in 1991 backed by then-President Roh Tae-woo's campaign promise. Its original purpose was to turn the Saemangeum tidal flat, 280 km south of Seoul, into farmland. However, the project has taken twists and turns. The work was once suspended over a legal battle by environmentalists opposing what they claimed could destroy the ecosystem.
But, it survived to change the map of the coastline between Gunsan and Buan in North Jeolla Province. The reclamation has so far cost the nation 2.9 trillion won ($2.6 billion) to create 40,100 hectares of land. It is good for the densely populated country to have new land equivalent to two-thirds the size of Seoul.
What matters now is how to utilize the land and match its development with the environment. The nation does not need additional farmland, especially rice paddies, as stocks of the staple food have been on the rise while the overall agricultural sector is seeing a decline. In 2008, the Lee Myung-bak administration changed the course of the shovel-ready project to reduce the ratio of farmland from the original 72 percent to 30 percent.
The move was inevitable. And early this year the government came up with an ambitious plan to transform the reclaimed tidal flat into a waterfront city resembling Amsterdam or Venice. The core of the 10-year blueprint is to set up an economic hub for Northeast Asia. The authorities are seeking to build an industrial complex, international business quarters, tourism and leisure facilities, ecological parks, and science and research centers.
But, the all too rosy scheme lacks concrete action for development. It also faces a tough challenge over how to finance the mega city plan requiring 21 trillion won until 2020. The government plans to mobilize taxpayer money to shoulder half of the costs, while encouraging the private sector to take up the remainder.
However, the state has no other choice but to incur a growing budget deficit, especially when the nation is pushing for a revised administrative town plan for Sejong City and a massive four-river refurbishment project. Besides, specialized industrial and business cities will be built across the country. Against this backdrop, businesses are reluctant to run the risk of investing in different development projects.
The success of the Saemangeum project may depend on whether it can attract large foreign investment. Without inviting multinational businesses to the would-be-hub of Northeast Asia the nation cannot achieve its goal of turning the reclaimed tidal flat into an internationally-acclaimed waterfront city.