Lee Jae-myung, the leader of the Democratic Party of Korea, noted on the 21st, "Amid the insecurity of the global security environment in the Trump era, which poses serious challenges to both the economy and security, I will revive the shipbuilding belt in the southeastern region, including Geoje, and create new sources of growth."
On that day, Representative Lee said in a post on Facebook, "I will seize the opportunity of the complex crisis in the Trump era for the rebirth of the shipbuilding industry."
U.S. President Trump is implementing policies to increase domestic production facilities to protect U.S. industries, but exceptions to the 'Made in America' requirement are likely to enhance cooperation between the U.S. and Korean shipbuilding industries. If Korea contributes to the rebuilding of U.S. naval power to counter China, there are expectations of seizing opportunities in a market worth over $1 trillion (about 1,450 trillion won) over the next 30 years.
Representative Lee said, "The shipbuilding industry is facing a significant crisis due to China's strengthening market dominance, but even amid the trade barriers of the Trump administration, which holds that 'there are no eternal enemies or allies,' the atmosphere for cooperation between the U.S. and Korea in the shipbuilding sector is ripening." He added, "Developing the 'Arctic shipping route' is another opportunity," noting, "Due to global warming, the navigation period of the Arctic shipping route is increasing and the volume of goods is also on the rise, so there is a high possibility of creating new demand in the shipbuilding sector."
Representative Lee has proposed the development of the Arctic shipping route as a key pledge for the Busan area.
Lee noted, "If the cargo gathered in the Busan-Ulsan-Gyeongnam region spreads out via the Arctic shipping route and Geoje shipyards with global shipbuilding and plant competitiveness are established in the surrounding areas, the rebirth of the shipbuilding industry and the economic revival of the southeastern region could become a reality."
He added, "In this process, the geopolitical value of the Korean Peninsula that connects the continent and the seas will elevate further, and based on the shipbuilding industry alliance, the Korea-U.S. alliance can be strengthened more. Since there are no ruling or opposition parties in growth and development, I urge the ruling party to come together and contemplate."