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What Does the New Busan Special Law Mean for Investment Opportunities in 2026?

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 News1 Lee Seung-bae
 News1 Lee Seung-bae

‘Special Act on Developing Busan as a Global Hub City’ (the Busan Special Act) cleared the bill-review subcommittee of the National Assembly’s Public Administration and Security Committee on March 24.

Ruling-party officials said the committee convened its first bill-review subcommittee that day, examined the measure and approved it.

The Busan Special Act would extend special incentives citywide to attract corporate investment and accelerate Busan’s development as an international city.

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.

At the time, Rep. Jeon Jae-soo was the only member of the Democratic Party to join as a co-sponsor.

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’s conference room in the National Assembly main building to press for swift passage of the bill.

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.

On March 23, incumbent Busan Mayor Park Hyung-joon staged a head‑shaving protest to demand the bill’s passage.

Park’s office issued a statement on March 24 characterizing the subcommittee’s clearance as a direct breakthrough. It argued that while special legislation for North Jeolla (Jeonbuk), Gangwon and Jeju had been expedited, Busan’s development bill had not even been scheduled — and that Mayor Park’s head‑shaving protest helped force the impasse to break.

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