Deputy Prime Minister and Minister of Economy and Finance Lee Hyung-il emphasized the need for a collaborative approach to accelerate investments in the Yeongnam mega projects. He stated that companies must invest boldly, local governments should handle permits, and the central government must provide institutional support.
On November 11, Lee chaired the first meeting of the Yeongnam Mega Project Implementation Task Force at the Export-Import Bank, where he reviewed the progress of investments totaling 312 trillion won. He remarked, "Mega projects cannot be achieved by the efforts of a single company, ministry, or local government alone."
Attendees included officials from relevant ministries such as the Ministry of Science and ICT and the Ministry of Trade, Industry and Energy, as well as representatives from five cities and provinces in the Yeongnam region, and companies including Doosan, Samsung, Hanwha, Hyundai, LG, and SK. Prior to this meeting, three working-level meetings were held under the leadership of the Director of the Ministry of Economy and Finance's Innovation Growth Office.
Lee warned that even a small bottleneck could delay the entire schedule and potentially cause the economy to miss critical growth opportunities. He pledged to manage factors causing delays throughout the investment process and to promptly resolve outdated regulations and obstacles.
He urged companies to report any difficulties they encounter on-site and called on local governments to expedite permit support. Suggestions made during the meeting will be reviewed quickly by relevant ministries, with results to be reassessed in the next meeting.
Lee highlighted the need to accelerate investments in the Yeongnam region due to the growing disparity with the capital region. He diagnosed the current economic situation as a "bad balance" characterized by a concentration in the capital area. According to the Ministry of Economy and Finance, the real Gross Regional Domestic Product (GRDP) of the Yeongnam region is projected to increase by 23.0% in 2024 compared to 2010, while the capital region has seen a 57.4% increase and the rest of the country 33.1% during the same period.
He stressed the importance of enhancing the Yeongnam region as a hub for advanced industries by integrating existing manufacturing bases in automotive, shipbuilding, steel, and petrochemicals with semiconductor and artificial intelligence (AI) data centers. He also stated that the government would support mega projects in other regions, including Honam and Chungcheong.
Lee concluded by affirming his commitment to ensuring that the Yeongnam Task Force becomes a model for "growth for all."
* This article has been translated by AI.
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