President Yoon Suk Yeol visited Busan for the first time since the southeastern port city failed to win the 2030 World Expo to thank the residents for supporting the bid and pledge various development initiatives.

At a meeting with the municipal government, businesses and the locals on Wednesday, Yoon said Busan should be developed into the central hub of the country's southern region in order to achieve rapid national growth.

The president then reiterated his campaign pledges to open a new airport on Busan's Gadeok Island and to relocate the state-run Korea Development Bank(KDB) to the nation's second-largest city.

He also promised to push for the redevelopment of Busan's North Port and the enactment of a special law bestowing the designation of a global hub city.