Busan, Ulsan and South Gyeongsang Province forge 'maritime capital region' partnership

Busan, Ulsan and South Gyeongsang Province, together with the Ministry of Oceans and Fisheries, have launched a joint governance initiative to build a southeastern maritime capital region.

The three metropolitan governments signed a mutual cooperation MOU Thursday afternoon at the Grand Ballroom of Commodore Hotel in Busan's Jung-gu, joined by the Ministry of Oceans and Fisheries and the chambers of commerce of all three regions. The agreement is formally titled the "MOU for Building a Southeastern Maritime Capital Region and Activating Joint Investment Attraction."

About 150 political, government and business figures attended the signing ceremony, including Busan Mayor Jeon Jae-soo, Ulsan Mayor Kim Sang-uk, South Gyeongsang Province Governor Park Wan-su, Minister of Oceans and Fisheries Hwang Jong-u, and the presidents of the Busan, Ulsan and South Gyeongsang chambers of commerce. The participants declared their commitment to developing the three regions as a single maritime economic zone. The agreement marks the first supra-regional cooperation framework in which the three local governments have joined forces with their respective chambers of commerce and the ministry.

The signatory institutions agreed to cooperate on five fronts: establishing and implementing a joint strategy for building the maritime capital region and attracting investment; expanding the investment base for future growth industries including maritime and maritime-related sectors, eco-friendly energy, manufacturing AI and digital transformation; easing regulations and resolving on-the-ground obstacles to investment; co-hosting domestic and international investment roadshows and building a global investment network; and jointly promoting the maritime capital region.

Thursday's agreement is a follow-up to the government's "Direction for Fostering a Southern Maritime Capital Region," announced at a Cabinet meeting in May. It translates earlier policy discussions into concrete corporate investment attraction activities. This also marks the first time the minister of oceans and fisheries — whose ministry relocated its headquarters to Busan last December — has publicly declared cooperation alongside the heads of the three regional governments and their business communities at a single gathering.

The three regions plan to leverage their respective industrial strengths in a coordinated push: Busan will lead on international maritime business and port and logistics infrastructure, South Gyeongsang Province on manufacturing and aviation industry foundations, and Ulsan on serving as a hub for eco-friendly energy — together aiming to emerge as a key node in global supply chains. Following the signing, investment attraction strategies linked to the regional chambers of commerce are set to move into full gear, with investment workshops targeting domestic and international companies also planned.

The three regions will also deepen cooperation in preparation for the opening of Arctic shipping routes. Busan and South Gyeongsang Province will work to expand port, logistics and manufacturing infrastructure, while Ulsan plans to build out eco-friendly ship fuel bunkering and energy logistics and trading capacity. The broader goal is to align with the government's growth-engine policy to build a maritime industry ecosystem integrating ports and logistics, manufacturing, energy, finance and research and development — and to establish the region as South Korea's premier maritime capital zone for domestic and international companies.

Business groups are optimistic. The three chambers of commerce believe that consolidating the region's world-class port and logistics infrastructure alongside its leading industries — shipbuilding, automobiles, machinery, energy and aerospace — into a single economic zone could create a large-scale investment base differentiated from the Greater Seoul metropolitan area. Yang Jae-saeng, president of the Busan Chamber of Commerce and Industry, called for "bold investment incentives that companies can actually feel — such as tax and financial benefits — along with sweeping regulatory reform" to ensure the maritime capital region initiative delivers tangible results.

Busan Mayor Jeon pledged that "the central government, local governments and the business community will work in close cooperation to develop the Busan-Ulsan-South Gyeongsang region into a maritime capital zone leading the Arctic shipping route era." Ulsan Mayor Kim said he would "make the southern maritime capital region a new growth axis for South Korea." Governor Park also vowed to "link South Gyeongsang Province's advanced manufacturing industries with Jinhae New Port to ensure corporate investment translates into regional industrial growth and quality job creation."