Lee says balanced regional development critical to Korea's survival, growth
Summary
President Lee Jae Myung on Wednesday said balanced regional development is critical to Korea’s growth and survival at a central-regional government cooperation conference. He cited overpopulation in the broader Seoul area and depopulation in regional areas as signs of extreme territorial imbalance. Lee said the government will push its megaprojects investment initiative to drive growth in regional areas and pledged more cooperation with local governments.
Key Facts
- The conference brought together central government officials and newly elected mayors and governors from across the country to discuss region-led growth.
- The presidential office said 16 mayors and governors were to propose growth strategies and discuss implementation with the central government.
- The government’s megaprojects investment initiative was unveiled in late June.
- Under that initiative, the government will work with tech conglomerates on large-scale investments in semiconductor production and artificial intelligence-related facilities, with a focus on regional areas.
President Lee Jae Myung speaks during a Cabinet meeting held at Cheong Wa Dae in Seoul, Tuesday. Joint Press Corps
President Lee Jae Myung on Wednesday reiterated the importance of pursuing balanced development of the country for its growth, as well as survival, citing overpopulation in the capital region as a major challenge facing Korea.
The president made the remarks at a central-regional government cooperation conference that brought together central government officials, and newly elected mayors and governors from across the country to enhance cooperation and discuss ways to promote region-led growth.
"The starting point for practically all major problems facing Korea is the extreme territorial imbalance," the president said, pointing to what he described as excessive population concentration in the broader Seoul area vis-a-vis depopulation crises in regional areas.
The president said the situation "subdues overall efficiency nationwide while eroding national competitiveness."
"Now, balanced development is not a matter of choice or benefits, but a strategy critical to Korea's survival and sustained development," the president stressed.
He pointed to the government's "megaprojects" investment initiative, saying he believes the scheme will serve as a key to ushering in "an era of growth for all."
Under the investment initiative, unveiled in late June, the government will work with tech conglomerates to promote large-scale investments in semiconductor production and artificial intelligence-related facilities, with a focus on regional areas.
The president pledged that the government will do its utmost to nurture industries, create jobs and improve living conditions in major regional areas, calling for closer cooperation between the central and regional governments to achieve balanced development.
During Wednesday's meeting, 16 mayors and governors from across the country were to propose their own growth strategies before discussing their implementation with the central government, according to the presidential office.
Pursuing regional development is one of the key policy goals of the Lee administration as the country seeks to rein in runaway housing prices in the capital region and address other problems stemming from capital concentration.
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