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Kim Min-seok pledges legislative and budget support for Hyundai's approximately 9 trillion won Saemangeum project

The Democratic Party's special committee on mega growth held an on-site meeting on the 29th at the Saemangeum energy industry convergence complex in Gunsan, North Jeolla Province. Participants including representatives of Hyundai Motor, the Saemangeum Development and Investment Agency and the provincial government discussed project progress and requests concerning legislation and budgets.

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Kim Min-seok and other participants standing together with raised fists for a commemorative photograph at the Saemangeum on-site meeting
Kim Min-seok and other participants pose with raised fists for a commemorative photograph at the Saemangeum on-site meeting.

Democratic Party leader Kim Min-seok visited Gunsan, North Jeolla Province, and pledged legislative and budget support to accelerate the Saemangeum project. The project involves Hyundai Motor investing approximately 9 trillion won to develop facilities including an AI data center, robot manufacturing facilities, hydrogen production facilities and a solar power complex. An agreement with Hyundai was signed in February, when Kim was serving as prime minister.

On the 29th, members of the Democratic Party's special committee on mega growth, including its chair Kim Min-seok, met representatives of Hyundai Motor, the Saemangeum Development and Investment Agency and the North Jeolla provincial government at the Saemangeum energy industry convergence complex. The meeting was held to review project progress and hear legislative and budget requests from Hyundai and other companies.

To accelerate the project, Hyundai requested legislation on supra-regional special zones and a special act on renewable energy self-sufficient cities, as well as amendments to the Saemangeum project act to improve living conditions. Related bills that have been introduced include expanded special housing allocations for people working in Saemangeum, shorter approval periods for housing construction projects and income tax relief for workers in Saemangeum investment promotion districts.

Hyundai also requested funding in next year's budget proposal for interregional connecting roads, a robot cluster concept and the provision of land for long-term lease.

Hyundai Motor Group Vice Chair Chang Jae-hoon said the company had been proceeding with its planned projects without disruption since announcing its 9 trillion won Saemangeum investment. Calling speed the most important factor, he said the company would accelerate the project if regulatory obstacles were addressed and legislation on special provisions passed in a timely manner and to the extent it expected.