{"id":2203836,"date":"2024-02-15T08:00:27","date_gmt":"2024-02-14T23:00:27","guid":{"rendered":"https:\/\/koreapro.org\/?p=2203836"},"modified":"2024-02-14T17:48:54","modified_gmt":"2024-02-14T08:48:54","slug":"president-yoons-push-for-regional-development-faces-uphill-battle","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/02\/president-yoons-push-for-regional-development-faces-uphill-battle\/","title":{"rendered":"President Yoon\u2019s push for regional development faces uphill battle"},"content":{"rendered":"<p>South Korean President Yoon Suk-yeol <a href=\"https:\/\/www.president.go.kr\/newsroom\/press\/ESVW76CC\">announced<\/a> on Tuesday a comprehensive strategy to combat the country\u2019s low birth rate and enhance regional development in the first \u201cLivelihood Discussion with the People\u201d held in Busan. Yoon emphasized the need for balanced regional growth and detailed the \u201cThree Major Livelihood Packages for the Era of Local Governance\u201d to connect job opportunities, talent cultivation and improved living conditions to spur national competitiveness.<\/p>\n<p>Yoon\u2019s plan includes the \u201cGlobal Hub City Special Act\u201d to transform Busan into a logistic, financial and high-tech center, alongside educational reforms such as autonomous public high schools and K-pop high schools and constructing a children\u2019s hospital in Busan. These measures are designed to revitalize local economies, improve quality of life and encourage the development of local talent to contribute to regional and national growth.<\/p>\n<p><strong>Why It Matters<\/strong><\/p>\n<p>While Yoon\u2019s acknowledgment that the link between South Korea\u2019s <a href=\"https:\/\/koreapro.org\/2023\/03\/why-more-and-more-south-koreans-are-choosing-not-to-have-children\/\">population and financial concentration<\/a> in the capital region and the country\u2019s declining birth rate is on point, the task of decentralizing the country is staggering. The greater Seoul metropolitan area consists of Seoul, Incheon and Gyeonggi Province, including 31 cities. The capital region\u2019s dominance in corporate headquarters and political power will likely render Yoon\u2019s measures insufficient to shift population dynamics significantly. The entrenched advantages of the capital area mean that convincing a critical mass to move will require more than policy announcements and local development projects.<\/p>\n<p>Moreover, while the initiative to develop Busan into a finance and tech hub is notable, the city faces stiff competition from established hubs like Singapore, Shanghai and Hong Kong. To truly compete, South Korea needs to implement systematic <a href=\"https:\/\/koreapro.org\/2022\/10\/why-south-koreas-highly-regulated-economy-is-a-headache-for-foreign-investors\/\">legal and political reforms<\/a> that embrace greater liberalization. Such reforms are essential for fostering an ecosystem that can attract investment, talent and innovation. However, South Korean leaders\u2019 penchant for pursuing short-term <a href=\"https:\/\/koreapro.org\/2023\/02\/south-korea-will-freeze-public-utility-fees-for-first-half-of-year\/\">populist<\/a> <a href=\"https:\/\/koreapro.org\/2023\/11\/why-south-korea-faces-economic-controversy-with-short-selling-ban\/\">economic<\/a> policies will likely be a stumbling block to achieving that goal.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Korean President Yoon Suk-yeol announced on Tuesday a comprehensive strategy to combat the country\u2019s low birth rate and enhance regional development in the first \u201cLivelihood Discussion with the People\u201d held in Busan. Yoon emphasized the need for balanced regional growth and detailed the \u201cThree Major Livelihood Packages for the Era of Local Governance\u201d to [&hellip;]<\/p>\n","protected":false},"author":5770,"featured_media":2203837,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[],"class_list":["post-2203836","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>President Yoon\u2019s push for regional development faces uphill battle - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/02\/president-yoons-push-for-regional-development-faces-uphill-battle\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"President Yoon\u2019s push for regional development faces uphill battle - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korean President Yoon Suk-yeol announced on Tuesday a comprehensive strategy to combat the country\u2019s low birth rate and enhance regional development in the first \u201cLivelihood Discussion with the People\u201d held in Busan. 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