(Unofficial Translation)

Fellow Koreans and Busan citizens,

Today, a mutually beneficial Busan-type jobs agreement will be signed. This is the 7th mutually beneficial jobs model following those created in Gwangju, Miryang, Daegu, Gumi, Hoengseong and Gunsan. It will become the first for the year 2020.

Even amidst the emergency situation caused by the novel coronavirus outbreak, we can never afford to ease up on efforts to sustain and foster economic vitality. For this reason, the signing of the Busan-type jobs agreement is truly good news that delivers a major boost to our economy that is once again suffering difficulties.

Now in Busan’s Eco Delta City, an industrial cluster will emerge for the production of electric vehicle components and relevant research and development. Approximately 760 billion won will be invested in Busan – the largest investment made since the one by Renault Samsung Motors 25 years ago, and 4,300 jobs will be created.

What makes the Busan-type jobs model even more precious today is the fact that everyone has come together to create top-of-the-line jobs. Businesses, universities and institutes in Busan – together with the Busan Metropolitan City Government – have mobilized every one of their available capabilities. Labor, management, civic groups and the local government have also pooled their strengths while making mutual concessions. The pride of the Busan-type jobs model lies in the evolution of mutually beneficial relations that have developed beyond just labor and management to reach those between original contractors and subcontractors. The central and local governments have also worked together to persuade a business that was planning to relocate overseas to invest in Busan instead.

I extend my profound gratitude and encouragement to Korens Chairman Cho Yong-kuk, who has made a bold decision to create Busan-type jobs; Busan local chapter chair Seo Yeong-gi of the Federation of Korean Trade Unions; Busan Mayor Oh Keo-don, who helped engineer the success of the agreement; and the relevant Busan Metropolitan City Government officials.

Busan citizens,

Busan’s dream is none other than the dream of the Republic of Korea. It extends beyond regions and connects with a global vision.

During the Japanese colonial rule, workers at Busan’s Joseon Textile Company and rubber plants as well as longshoremen joined forces and rose up against the Japanese imperialists’ exploitation of labor. Busan citizens were also main actors, helping to safeguard Korea’s democracy, in the April 19 Revolution of 1960, the 1979 Busan-Masan Democratic Protests and the 1987 June Struggle.

Busan citizens’ love for movies has cultivated the Busan International Film Festival into one of the world’s prestigious cinematic events. The enthusiasm of baseball fans who sing their hearts out during the fight song “Busan Seagulls” has turned Busan Sajik Baseball Stadium into one of the most passionate sports stadiums in the world.

Busan holds the potential that once spearheaded Korea’s export-driven industrialization through footwear, textile and plywood industries.

Busan’s Eco Delta City will emerge as a world-class electric vehicle component production base and make the Busan-type jobs model a success, thereby ensuring that Busan becomes a source of hope for the Republic of Korea’s economy.

Middle-market businesses and suppliers that are equipped with solid capabilities and technological prowess are Busan and the Republic of Korea’s competitive edge.

Korens, an auto parts manufacturer, is enhancing the competitiveness of the Korean electric vehicle industry by producing a powertrain, a core component designed to improve the driving performance of electric vehicles. It is projected to export four million powertrain units by 2031, posting 1.5 trillion won in sales each year.

Korens will also achieve a high level of mutually beneficial technological cooperation for the first time in the country by forming a joint research and development fund together with 20 suppliers and by supporting technology transfer, cost-free patent access and the dispatch of skilled workers.

The Busan Automobile-Parts Industries Cooperative Association, universities and research institutions are enhancing the competitiveness of electric vehicles through joint technology development. When a hub for eco-friendly auto parts technology and a smart industrial complex data center are built in Busan, the certification of electric vehicle parts and support for commercialization will go into full gear.

The spirit of Busan – “There’s nothing we cannot do if we do it together” – is the biggest competitive edge of the city and the Republic of Korea.

Now, electric vehicle parts will be exported to the global market through the Port of Busan that is connected to 150 countries around the world. By 2030, we will be the No. 1 nation in terms of future-car competitiveness.

Fellow Koreans and Busan citizens,

Mutually beneficial jobs are indeed decent ones. These will be attractive positions that can keep young people in the region.

Everyone will be hired as regular employees with a guaranteed retirement age, thus assuring job security. The mutually beneficial decent jobs agreement among these businesses will help further increase job satisfaction.

Guaranteeing employment for talented individuals in the region will help young people here achieve their dreams while staying in their hometowns. Students from automobile-oriented Meister and specialized high schools as well as college students majoring in automotive engineering in Busan will all play leading roles in promoting innovation in the city through training programs that partner with academia and industry.

The mutually beneficial local jobs that started in Gwangju last year have helped attract 2.9 trillion won in investment and directly and indirectly generated 20,000 jobs so far.

The new culture of labor-management harmony that originated with mutually beneficial jobs has helped domestic companies opt to keep their operations in the country rather than ship them overseas. It is also breathing new vitality into efforts to attract foreign investment.

There will be mutually beneficial jobs created in many more regions this year, thereby helping people experience tangible changes.

The Government has increased its investment in regional state-owned corporations by 2.9 trillion won over last year’s amount to reach a total of 13.9 trillion won. It has also launched a facility investment boom-up program that provides 4.5 trillion won in total funding to SMEs and middle-market companies for that purpose. It will help increase the number of mutually beneficial local jobs and do all it can to become a pump primer in revitalizing local economies.

Fellow Koreans and Busan citizens,

Busan is an inclusive city that embraced refugees during the Korean War and has represented workers and the marginalized.

Today’s signing of the mutually beneficial agreement for Busan-type jobs will become a milestone that helps the Republic of Korea usher in an era when everyone prospers together in an innovative and inclusive nation. The Government will always stand with you to ensure that these Busan-type jobs succeed without fail.

Together with local areas and also with the people, we will advance vigorously so that the spirit of economic vitality that sprang up in Busan will spread nationwide, enabling us to prevail over the novel coronavirus and take a mutually beneficial leap forward.

Thank you.