{"id":252682,"date":"2026-03-24T17:35:47","date_gmt":"2026-03-24T08:35:47","guid":{"rendered":"https:\/\/tenbizt.com\/en\/news\/uncategorized\/2026\/03\/24\/new-busan-special-law-mean-investment\/"},"modified":"2026-04-15T16:31:22","modified_gmt":"2026-04-15T07:31:22","slug":"new-busan-special-law-mean-investment","status":"publish","type":"post","link":"https:\/\/tenbizt.com\/en\/news\/politics\/2026\/03\/24\/new-busan-special-law-mean-investment\/","title":{"rendered":"What Does the New Busan Special Law Mean for Investment Opportunities in 2026?"},"content":{"rendered":"

Translation result. <\/p>\n

\" News1
 News1 Lee Seung-bae<\/figcaption><\/figure>\n

‘Special Act on Developing Busan as a Global Hub City’ (the Busan Special Act) cleared the bill-review subcommittee of the National Assembly\u2019s Public Administration and Security Committee on March 24.<\/p>\n

Ruling-party officials said the committee convened its first bill-review subcommittee that day, examined the measure and approved it.<\/p>\n

The Busan Special Act would extend special incentives citywide to attract corporate investment and accelerate Busan\u2019s development as an international city.<\/p>\n

In May 2024, all 18 National Assembly members representing Busan jointly introduced the bill during the Yoon Suk Yeol administration, but delays in committee consideration left the measure stalled for nearly two years.<\/p>\n

At the time, Rep. Jeon Jae-soo was the only member of the Democratic Party to join as a co-sponsor.<\/p>\n

Jeon, who is running for Busan mayor in the June 3 local elections, met on March 24 with Democratic Floor Leader Han Byung-do in the floor leader\u2019s conference room in the National Assembly main building to press for swift passage of the bill.<\/p>\n

After the meeting, Jeon told reporters that he had coincidentally run into Rep. Jeong Cheong-rae arriving at the Assembly that morning, and that Rep. Jeong had instructed the floor leader to actively push for consideration of the Busan special bill.<\/p>\n

On March 23, incumbent Busan Mayor Park Hyung-joon staged a head\u2011shaving protest to demand the bill\u2019s passage.<\/p>\n

Park\u2019s office issued a statement on March 24 characterizing the subcommittee\u2019s clearance as a direct breakthrough. It argued that while special legislation for North Jeolla (Jeonbuk), Gangwon and Jeju had been expedited, Busan\u2019s development bill had not even been scheduled \u2014 and that Mayor Park\u2019s head\u2011shaving protest helped force the impasse to break.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Busan Special Act for the establishment of a global hub city has passed the National Assembly’s Administrative Safety Committee.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_thumbnail_url":"https:\/\/contents-cdn.viewus.co.kr\/image\/2026\/03\/CP-2022-0006\/image-742db228-f971-4c80-beb1-5cfb43bbe465.jpeg","footnotes":""},"categories":[278093],"tags":[],"class_list":["post-252682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"yoast_head":"\nWhat Does the New Busan Special Law Mean for Investment Opportunities in 2026?<\/title>\n<meta name=\"description\" content=\"The Busan Special Act for the establishment of a global hub city has passed the National Assembly's Administrative Safety Committee.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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