Law Firm Yujip, led by Managing Partner Lim Seong-taek, announced on July 6 that it successfully held a seminar titled "Maritime Capital Busan: The Heart of Strategic Industries and the Future of the Greater Busan-Ulsan-Gyeongnam Region" on July 3 at BEXCO in Busan, in collaboration with the Busan Business Association and Inje University RISE Anchor Project.
The seminar aimed to explore development directions for the Greater Busan-Ulsan-Gyeongnam region and discuss institutional responses to legal and management challenges faced by local businesses amid global environmental changes.
In a keynote address, Kim Seok-dong, Director of the Yujip Humanities and Social Research Institute, emphasized the need for structural reforms to overcome complex crises, focusing on the theme "The Future of South Korea and the Economic Era of Busan-Ulsan-Gyeongnam." He suggested that the region should leverage its manufacturing and port logistics competitiveness to become a new growth axis for the national economy.
The first presentation was delivered by Kim Moon-hee, co-director of the Yujip Busan-Ulsan-Gyeongnam Center, who discussed "The Future of Maritime Capital Busan and Legal Challenges." She stressed the necessity of establishing an institutional foundation to support digital transformation and specialized personnel, stating, "We must enhance global competitiveness through ultra-regional cooperation, Arctic route responses, and the creation of a maritime legal ecosystem."
The second presentation was given by Park Hyo-min, a lawyer at Yujip, who addressed the "Sanctions and Export Control Risks and Compliance Challenges for Strategic Industries in Busan-Ulsan-Gyeongnam" in light of the global supply chain restructuring.
Park warned of the extraterritorial application risks of U.S. regulations on domestic companies, emphasizing, "Businesses must establish a company-wide compliance system centered on headquarters to continuously monitor regulatory changes."
Lim Seong-taek, co-director of the Yujip Busan-Ulsan-Gyeongnam Center, stated, "As the core hub driving South Korea's manufacturing and exports, strengthening the legal and institutional foundation is essential. We will continue to provide local businesses with practical legal solutions and professional insights."
In this context, newly elected Busan Mayor Jeon Jae-soo had previously pledged during his campaign to establish a specialized maritime court in Busan and complete the maritime capital package.
Mayor Jeon announced plans to invest approximately 500 billion won to build maritime judicial infrastructure in Busan, specializing in disputes related to shipping, shipbuilding, logistics, and marine insurance. He also aims to relocate public institutions under the Ministry of Oceans and Fisheries, attract headquarters of major shipping companies like HMM, and establish a 50 trillion won Southeast Investment Corporation to create a comprehensive maritime cluster.
* This article has been translated by AI.
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