Korea Development Bank's Busan Relocation Support Kicks Off... Busan City Launches 'Relocation Support Team' Led by Deputy Mayor for Economic Affairs

Support for Previous Site and Building Construction, Creation of Residential Environment, Housing Stability Support, Administrative and Financial Support

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] On the 6th, Busan City formed the "KDB Busan Relocation Support Team," led by the Deputy Mayor for Economic Affairs, to support the presidential national agenda of relocating the Korea Development Bank (KDB) to Busan, and began practical support work.

The relocation of KDB to Busan was a campaign pledge of President Yoon Seok-yeol and was adopted as a presidential national agenda by the Presidential Transition Committee in May. Additionally, at the 7th Emergency Economic and Livelihood Meeting at the end of August, the president personally urged the KDB chairman to expedite the relocation to Busan.

To promote KDB's relocation to Busan, Busan City established the Financial Institution Relocation TF Team within the Financial Blockchain Division through an organizational restructuring in August, and has been conducting close consultations with government ministries including the Presidential Office, Financial Services Commission, Ministry of Land, Infrastructure and Transport, as well as the National Assembly.

The main functions of the Relocation Support Team are to carefully address and support any difficulties during KDB and its employees’ relocation to Busan by providing ▲support for relocation sites and office building construction ▲creation of residential conditions ▲education support for employees’ children ▲and other administrative and financial support measures.

Furthermore, to amend the Korea Development Bank Act necessary for the relocation, explanatory and persuasive efforts with both ruling and opposition parties in the National Assembly will be conducted simultaneously.

Article 4 of the Korea Development Bank Act stipulates that "the head office of the Development Bank shall be located in Seoul Special City," but during the 21st National Assembly, both ruling and opposition parties proposed amendments for balanced national development.

Deputy Mayor for Economic Affairs Lee Seong-gwon stated, “The relocation of KDB to Busan is an important momentum to lead the development of the southern region’s innovative economy for strengthening national competitiveness. We expect Busan to take a step forward as a global financial hub and grow into one of the two major pillars leading the Republic of Korea.”

He added, “Busan City will spare no support at the city level for the relocation of KDB, including relocation sites, creation of residential conditions, and education support.”

This content was produced with the assistance of AI translation services.