The funding for securing industrial land to support Hyundai Motor Group's approximately 9 trillion won investment in Saemangeum has become a contentious issue between national and local authorities. The Saemangeum Development Agency proposed that the national government cover 70% of the costs for developing rental industrial land, while the Ministry of Economy and Finance suggested a 50-50 split between national and local funding.
According to the office of Representative Lee Chun-seok, during a National Assembly audit of the Ministry of Economy and Finance on October 8, he emphasized the necessity of securing rental industrial land for companies looking to invest in Saemangeum. He argued that since Saemangeum is a national project, the government's financial role in the land development process should be expanded.
Hyundai Motor Group plans to invest about 9 trillion won to establish an AI data center, a robotics manufacturing plant, an electrolysis plant, and solar power facilities in Saemangeum. The Saemangeum Development Agency aims to begin construction on the AI data center by March next year and plans to supply 37.5 square kilometers of industrial land by 2035 under public leadership.
Lee's office noted that additional industrial land is necessary for not only Hyundai Motor Group but also related companies to establish operations. While the Saemangeum Development Agency proposed a funding plan with 70% from the national government and 30% from local authorities, the Ministry of Economy and Finance countered with a proposal for equal sharing of costs, citing fairness in funding distribution.
Lee warned that if the local burden increases, the pace of industrial land development could slow, potentially impacting corporate investments. He stated, 'If Saemangeum is a national project and not just a project for Jeollabuk-do, the national government must take responsibility.'
* This article has been translated by AI.
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