Busan: President Lee Jae Myung pledged Tuesday support to develop the southeastern port city of Busan into a major maritime and logistics hub following the relocation of the Ministry of Oceans and Fisheries to the city. Lee made the remarks during a Cabinet meeting at the ministry's new building in Busan, about 450 kilometers southeast of Seoul.
According to Yonhap News Agency, Lee stated that the relocation of the oceans ministry will be an important opportunity for balanced regional development and a new leap forward for Busan. He added that the government would provide full fiscal and administrative support to help Busan grow into a leading industrial and logistics hub, not only for South Korea but for Northeast Asia as well.
To that end, Lee announced plans to expand port facilities, promote high value-added services, and support the growth of regional industries, with the aim of positioning Busan and the broader southeastern region as a hub for the development of Arctic shipping routes. He also vowed to provide support for the construction of a new airport on Gadeok Island in Busan, and the development of tourism and cultural infrastructure in the port city.
The relocation of the ministry came on the heels of former Oceans Minister Chun Jae-soo's resignation earlier this month over allegations of receiving illegal funds and luxury gifts from the Unification Church. Addressing the leadership vacuum, Lee stated he would nominate a new minister, possibly from Busan.
Following the Cabinet meeting, Lee attended an opening ceremony at the ministry's newly established headquarters. He underscored the government's commitment to developing Arctic shipping routes and tapping into their long-term economic potential. Lee also welcomed SK Shipping and H-Line Shipping, which have announced plans to relocate their headquarters to Busan, expressing hope that more maritime companies will follow suit.
"It is unprecedented to relocate the oceans ministry to Busan, which reflects the importance of the city's role," Lee said. In a policy briefing, the ministry revealed plans to launch a pilot project next year, including opening bids for ships with a capacity of 3,000 twenty-foot equivalent units to test new Arctic routes linking Busan and Rotterdam in the Netherlands.
To support these efforts, the ministry has launched a dedicated Arctic shipping division tasked with exploring emerging shipping routes and developing a roadmap to position the southern region as a key maritime hub.