Seoul: President Lee Jae Myung on Wednesday asked major business conglomerates to support the government's push for balanced regional development, with the conglomerates pledging to invest 270 trillion won (US$186 billion) in regional areas over the next five years. Lee made the remarks at a meeting with heads of major conglomerates, including Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Euisun Chung, and LG Group Chairman Koo Kwang-mo, as they discussed ways to create more jobs for young people and revitalize investment in regional areas.

According to Yonhap News Agency, Lee expressed hope that as the economy gradually begins to recover, the benefits of growth would be shared broadly, particularly with small and medium-sized businesses, regional communities, and the younger generation. He outlined the government's plan to foster five major regional hubs along with three special self-governing provinces and encouraged companies to align their investment strategies with these regional development efforts.

During the meeting, Federation of Korean Industries Chairman Ryu Jin announced that the nation's top 10 conglomerates plan to invest 270 trillion won in regional cities and provinces over the next five years. Lee emphasized the potential benefits of investing in regional areas, citing challenges in securing land and resources in the Seoul metropolitan area. He noted that advances in transportation and communications have narrowed the gap between the capital and other regions, making regional investment more viable.

Lee also revealed the government's intention to enact special legislation to support the creation of renewable energy industrial complexes and energy cities. The government plans to give greater weight to regions farther from Seoul when allocating fiscal resources and shaping policy initiatives, as part of its commitment to balanced regional development.