Yeouido (Korean: 여의도; lit. Yeoui Island) is a large island (or ait) on the Han River in Seoul, South Korea. It is Seoul's main finance and investment banking district. It is 8.4 square kilometres (3.2 sq mi) large and has a population of 32,674 as of August 2023[update].[1]
The island has historically gone by a number of names, including Yanghwado and Nauiju during the Joseon period. It was uninhabited until the construction of the peninsula's first airport, Yeouido Airport. As the airport was prone to flooding, it was eventually replaced by commercial and residential construction beginning in the late 1960s.
Etymology
The island went by a number of names in the Joseon period, including Yanghwado (양화도) and Nauiju (나의주).[2] Some sources claim that "Yeouido" can literally be interpreted as "Your Island", implying that people would want to give the island away because it is useless.[3][4] This is because the island was once seen as an unreliable sandy island that flooded easily.[4] On the other hand, an official Seoul tourism website describes the islands name as meaning "Broad Island" (넓은 섬).[5]
History
Being a vacant spot convenient to the capital of Joseon, Yeouido was used as a national pasture for sheep and goats according to a 16th-century geographical record.[6] Yeouido remained for the most part an uninhabited sandbar prior to the construction of Korea's first airport in April 1924.[7][8] The airport served both international, domestic, and military flights, and was also the site of a flight school.[9] The airport was prone to flooding that made it unusable during the summer rainy season. Gimpo International Airport took over Yeouido's commercial flights in 1958, and Seoul Air Base took over its military functions in 1971.
Starting in the late 1960s, major housing developments were erected on the island, many of which are still in place in 2020.[citation needed]
The six-lane bridge connecting it to the mainland of Yeongdeungpo was built in 1970 as part of Han River development project led by PresidentPark Jung-Hee, after which followed a period of rapid development. Formerly part of Goyang, Yeouido-dong was formed as a separate entity in 1971.[9] In 1975 the new National Assembly Building opened on the western side of the island. In 1985 the 63 building was completed and was the tallest and most well-known building in the country for many years.[citation needed]
Politics
National Assembly Building with the 63 building in the background (left)
Yeouido is the center of politics in South Korea. The western half of the island dominated by political organisations and their respective buildings. Most prominently, the National Assembly Building is located to the far west of the island. Construction of the building commenced in 1969 and was completed in 1975 and sits atop the site of the former Yeouido Airport. Prior to the opening of the National Assembly Building the seat of government was located at the General Government Building which was situated within the grounds of Gyeungbok Palace.[citation needed]
Due to its national importance, the area surrounding the National Assembly Building and its adjoining buildings is home to a significant police presence. Despite this, the grounds are usually open to the public and connect to the Han River Park which surrounds the site on three sides.[citation needed]
Most of the major South Korean political parties including the Democratic Party and the People Power Party maintain their headquarters in Yeouido, close to the National Assembly Building.[citation needed]
Economics
Yeouido is considered to be the financial center of Seoul, hosting most of the country's largest financial institutions including: Industrial Bank, Kookmin Bank, Korea Stock Exchange and Federation of Korean Industries, Hana Bank, Shinhan Securities, NH Investment Securities, and Eugene Investment Securities. Most of these institutions are clustered on the eastern side of the island, opposite the political quarter on the western side.
Public parks
Yeouido Han River Park
Five parks are located in Yeouido. Notable among these are the Yeouido district of the Han River Public Park and Yeouido Park. Yeouido Park was formed in 1999 through the reclamation of a patch of land, known as Yeouido Square or May 16 Square, which had lain under asphalt for 27 years and was used for various large public gatherings.[10] In addition, a terminal for excursion ferries stands on the Han River shore.
Unit of area
The "size of Yeouido" is often used by South Korean media as a means of comparison for measuring an unfamiliar area. For example, it may be said that city A in country Y is twice the size of Yeouido.[citation needed]
Festivals
Cherry Blossom Festival - Every April, the Cherry Blossom Festival is held in the streets of Yeouido.
^According to "동현황". Yeouido-dong website (Korean). Retrieved 2006-04-16.[permanent dead link]. However, the Naver Encyclopedia asserts that the airport opened in 1916, and that the homecoming flight of An Chang-nam, the first Korean pilot, landed here in 1922.
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