Busan, South Korea – In a concerted effort to address regional disparities and foster sustainable growth, the leaders of Busan, Ulsan, and Gyeongnam—collectively known as BuUlGyeong—came together on January 22, 2025, at KBS Busan Headquarters. The 2025 BuUlGyeong New Year Forum served as a platform for the region’s key stakeholders to discuss pressing economic and social challenges and explore collaborative solutions. Busan Mayor Park Heong-joon, Ulsan Mayor Kim Doo-gyeom, and Gyeongnam Governor Park Wan-soo led the discussions, emphasizing the urgent need for coordinated action to counterbalance the dominance of Seoul in national development.
For decades, BuUlGyeong has faced the challenge of economic stagnation and a declining population as resources and talent continue to flow towards the capital region. The forum provided an opportunity to re-evaluate ongoing efforts and chart a path forward with a renewed focus on innovation and cooperation.
One of the key topics discussed was Busan’s recent designation of four special economic zones—an ambitious initiative aimed at transforming the city into a global hub for innovation. These special zones, covering opportunity development, urban convergence, education, and cultural growth, are expected to serve as catalysts for attracting investment and fostering job creation. Mayor Park emphasized the importance of leveraging these zones to create a ripple effect across Ulsan and Gyeongnam, ultimately positioning BuUlGyeong as a complementary economic force to the Seoul metropolitan area.
Another focal point of the forum was the second phase of public institution relocations, a topic of great significance to the region’s future. Leaders explored the potential benefits of decentralizing government functions and bringing major institutions—such as the Korea Development Bank—closer to the region. They argued that the relocation could stimulate local economies and create new employment opportunities while addressing the longstanding issue of administrative centralization in Seoul. However, concerns were raised regarding the infrastructure and readiness of BuUlGyeong to accommodate such moves, with local business leaders urging for careful planning and investment.
Beyond economic development, the discussion also tackled practical challenges surrounding water and energy management. With growing industrial and residential demands, ensuring a stable water supply and optimizing energy usage have become critical priorities. The leaders explored strategies to diversify water sources and implement more equitable energy pricing structures that could make the region more attractive to businesses. The consensus was clear—sustainable resource management would be key to BuUlGyeong’s long-term competitiveness.
Demographic challenges also took center stage, as all three regions face declining birth rates and the migration of young talent to Seoul in search of better opportunities. The forum participants acknowledged the complexity of reversing these trends and discussed policies to make BuUlGyeong more appealing for young professionals and families. Proposals included financial incentives for those choosing to settle in the region, the creation of more career development programs, and infrastructure improvements to enhance the overall quality of life. While the challenge remains significant, leaders expressed optimism that a collective approach could help create a more attractive environment for younger generations.
At the conclusion of the forum, Mayor Park reflected on the significance of the discussions, highlighting the tangible progress made in formulating actionable strategies. “This forum has provided us with a practical and realistic blueprint for growth. Through collaboration, we can achieve balanced development that benefits all our citizens,” he stated.
To ensure public engagement, the discussions will be broadcast on January 24, 2025, across KBS channels in Busan, Ulsan, and Gyeongnam. This initiative aims to bring greater awareness to regional development efforts and encourage public participation in shaping the future of BuUlGyeong.
Despite the enthusiasm surrounding the forum’s outcomes, challenges remain. Implementing these ambitious plans will require sustained commitment, coordinated governance, and continuous stakeholder engagement. The leaders acknowledged that overcoming resistance to change and securing the necessary funding will be critical in realizing their vision for the region.
Looking ahead, BuUlGyeong’s leadership remains committed to monitoring progress and adapting strategies to align with evolving economic and social realities. With plans for follow-up forums and further policy refinements, they aim to maintain momentum and build on the collaborative spirit that has emerged through these discussions.
As BuUlGyeong moves forward with its ambitious development agenda, the hope is that through unity and innovation, the region can create a more balanced, prosperous future—one that offers opportunities not just for businesses, but for the people who call it home.
