Seoul: President Lee Jae Myung on Wednesday emphasized the necessity of balanced regional development for South Korea's growth and survival, highlighting overpopulation in the capital region as a significant challenge. The president delivered his remarks at a central-regional government cooperation conference, which convened central government officials alongside newly elected mayors and governors from across South Korea to foster cooperation and discuss strategies for region-led growth.

According to Yonhap News Agency, President Lee addressed the conference, noting that "the starting point for practically all major problems facing South Korea is the extreme territorial imbalance," with the excessive population concentration in the broader Seoul area contrasted against depopulation issues in regional areas. He warned that this imbalance "subdues overall efficiency nationwide while eroding national competitiveness."

President Lee stressed that balanced development is now "a strategy critical to South Korea's survival and sustained development," rather than just an optional benefit. He highlighted the government's "megaprojects" investment initiative, introduced in late June, as a pivotal element in fostering growth across the nation. This initiative involves collaboration with tech conglomerates to promote substantial investments in semiconductor production and artificial intelligence facilities, focusing on regional areas.

The president committed to supporting the development of industries, job creation, and improved living conditions in significant regional areas, urging strengthened cooperation between central and regional governments to achieve this balanced development. During the meeting, 16 mayors and governors were scheduled to propose their own growth strategies and discuss their implementation with the central government, as reported by the presidential office.

Pursuing regional development remains a key policy objective for the Lee administration, as the nation seeks to manage the soaring housing prices in the capital region and address issues arising from capital concentration.