The Korean government announced plans to invest KRW 24.3 trillion until 2020 towards the southern coastal of areas of Korea to develop an economic, logistics and tourism hub. The Ministry of Land, Transport and Maritime Affairs unveiled the blueprint during a regional development meeting in which President Lee Myung-Bak was present. The blueprint shows plans to develop the "Sun Belt" supra region which includes 35 cities and counties in Busan, South Jeolla Province, and South Gyeongsang Province. The Ministry expects the plan to create about 220,000 jobs and have an economic effect of KRW 48 trillion and KRW 20 trillion in added value by the target year.
Under the plan, the Korean government plans to divide the southern coast into three areas and foster each area seperately for specific sectors. The Government hopes to create a economic and logistics hub by improving the aerospace, robotics, shipbuilding, agricultural, marine plant and oceanic life industries. They also hope to develop tourism, trade, logistics and promote exchanges between different regions of the country. Lastly, they plan to expand the transport network to make it more convenient and efficient. The plans have great relevance to companies in the region that might gain from relocation or from the specialization of their geographical regions.
