Hyundai's Saemangeum Investment Nears, but Support Lags Behind

[Anchor]

Hyundai Motor Group's new investments in Saemangeum are set to roll out sequentially starting early next year. While the ruling party and the government are unanimously emphasizing rapid progress in Saemangeum, financial and legislative support is falling behind.

JTV reporter Byeon Han-young has the story.

[Reporter]

The Democratic Party's Mega-Growth Special Committee was established to implement the government's three major mega-projects and five-pole, three-special-zone growth engines.

For its first visit since its launch, the committee headed to Jeonbuk, specifically targeting Saemangeum, which is becoming a hub for new industries.

[Kim Min-seok / Chairperson, Democratic Party's Mega-Growth Special Committee: If investments centered around Hyundai Motor proceed smoothly, a grand vision arises that we can become the world's number one in physical AI.]

Hyundai Motor Group, which has pledged 9 trillion won in investment, plans to begin construction on an AI data center as early as March next year.

Following that, water electrolysis plants and robot manufacturing facilities will be established in phases, and a field office is scheduled to open in Gunsan to support these efforts.

However, critics point out that government financial support as well as legislative tasks are failing to keep pace with the investment speed.

First, the development project for leasehold land to be supplied to Hyundai Motor Group still relies on a national funding ratio of only 50 percent, placing a heavy burden on local governments.

Furthermore, the construction costs for win-win rental factories—the top requirement demanded by corporations—were not reflected at all in next year's government budget proposal.

[Chang Jae-hoon / Vice Chairman, Hyundai Motor Group: I believe speed is the most important factor. Now, parts regarding the resolution of related regulations and the passage of bills on special provisions must be handled in a timely manner...]

In fact, while only the special law for operating the AI data center is scheduled to take effect in March next year, bills aimed at promoting investment and establishing hydrogen infrastructure remain pending in the National Assembly.

It remains uncertain whether the third amendment to the Jeonbuk Special Self-Governing Province Act, which contains 43 clauses for Hyundai Motor-tailored support, or the super-region special zone bill combining mega-special zones and RE100 industrial complex bills, will pass the National Assembly within this year.

[Lee Won-taek / Governor of Jeonbuk State: There are seven legislative tasks designated for comprehensive support for Hyundai Motor. These are tasks that must pass through the National Assembly in November and December...]

Starting from Hyundai Motor Group's investment announcement, what the ruling party and the government have been emphasizing above all else is the rapid development of Saemangeum.

However, while investment plans are becoming more concrete, financial and legislative support remains inadequate, meaning the success or failure of the Saemangeum acceleration ultimately depends on the execution capabilities of the government and the National Assembly.

(Video Journalist: Ahn Sang-jun, So Jae-gyun / JTV, Design: Won So-jung / JTV)

Byeon Han-young, JTV
※ Please note: This article was translated by AI and may contain errors.