Policy Watch: Lee Jae-myung vows to turn Seoul into global finance center, Gyeonggi, mega-chip cluster

Presidential hopeful Lee Jae-myung speaks at a meeting held in Jeollanamdo Young Farmer Town in Naju, South Jeolla Province, Friday. (Yonhap)

Democratic Party of Korea presidential contender Lee Jae-myung unveiled his blueprint for Korea's central regions, elevating Seoul as a world-class financial center on par with New York, and connecting Yeouido and Yongsan into an international finance and business district.

Lee also pledged to make Gyeonggi Province the global heart of semiconductor production, establishing a megacluster spanning Suwon, Yongin, Hwaseong and Pyeongtaek, to cover the full value chain from R&D to manufacturing. Strategic incentives and infrastructure support, including energy and water supply, will accompany the plan.

For aging urban centers, Lee proposed bold redevelopment. In Seoul’s older districts, he promised to raise floor area ratios and ease cost-sharing burdens for redevelopment projects.