Ministry of Oceans and Fisheries Teams Up with Busan, Ulsan, and Gyeongsangnam-do to Foster "Maritime Capital Region"

Signing of Mutual Cooperation Agreement for Fostering the Maritime Capital Region and Promoting Joint Investment Attraction
Establishing Joint Strategies to Attract Corporate Investment
Agreement to Collaborate on Hosting Investment Briefings and Related Initiatives

The Ministry of Oceans and Fisheries has decided to strengthen cooperation not only with the three local governments of Busan Metropolitan City, Ulsan Metropolitan City, and Gyeongsangnam-do Province for the development of the maritime capital region, but also with the Busan Chamber of Commerce and Industry, Ulsan Chamber of Commerce and Industry, and Gyeongsangnam-do Chamber of Commerce and Industry Council, particularly in attracting corporate investment.

The Ministry of Oceans and Fisheries announced on August 12 that it will sign a mutual cooperation agreement (MOU) in Busan on August 13 to foster the maritime capital region and promote joint efforts to attract investment.

An official from the ministry explained, "This agreement aims for close collaboration between the ministry, local governments in Busan, Ulsan, and Gyeongsangnam-do, and the regional business community to enhance the competitiveness of the southeastern economy." The official continued, "The agreement has been prepared to cultivate future high-tech industries leveraging the marine and port sectors and to establish an attractive investment environment for companies."

Jongwoo Hwang, Minister of Oceans and Fisheries.

To this end, the participating organizations in the agreement plan to cooperate in the following areas: establishing and implementing joint strategies to develop the maritime capital region and attract corporate investment; expanding the investment base for future growth industries such as maritime and related industries, eco-friendly energy, and manufacturing artificial intelligence (AI); identifying and resolving on-site challenges and regulatory or institutional improvements; jointly hosting investment briefings and building a global investment attraction network; and collaborating in joint promotional initiatives.

Additionally, in line with the government's growth engine policies, the southeastern region will be developed into a singular, large-scale economic zone, leveraging world-class ports and logistics infrastructure as well as its strong basis in core manufacturing, energy, advanced manufacturing, and aerospace sectors. Based on inter-regional cooperation and mutual growth, continued efforts will be made to form an industrial ecosystem and expand the investment base for businesses.

The Ministry of Oceans and Fisheries has continuously gathered feedback from local governments and the regional business sector through a high-level policy committee established in February 2026 for the development of the maritime capital region. Based on these efforts, the ministry presented the "Development Directions for the Southern Maritime Capital Region" at a Cabinet meeting in May. With this mutual cooperation agreement, participating organizations plan to actively promote a variety of corporate investment attraction activities for the development of the maritime capital region.

Jongwoo Hwang, Minister of Oceans and Fisheries, stated, "With this mutual cooperation agreement, the ministry, local governments, and the regional business community will work closely together to lay the groundwork for the southeastern region to grow into a large-scale economic zone," adding, "We will continue our efforts to foster the maritime capital region and revitalize the local economy."

This content was produced with the assistance of AI translation services.