Busan City Holds First Meeting of 'Industrial Bank Busan Relocation Public-Private-Government Cooperation Task Force (TF)'

April 16, 4 PM at Busan City Hall, First Meeting of the 'Korea Development Bank Busan Relocation TF' Held

Mayor Park Hyung-jun, Ruling and Opposition Lawmakers, Business Community, Civic Groups, and Representatives from Various Sectors Attend

On the 16th at 4 p.m., Busan City will hold the first meeting of the ‘Industrial Bank of Korea Busan Relocation Public-Private-Political Cooperation Task Force (TF)’ (hereinafter referred to as the ‘Public-Private-Political Cooperation Task Force’) in the 26th-floor conference room of City Hall to fully unite the capabilities of the private sector, Busan City, and ruling and opposition political parties for the effective relocation of the Industrial Bank of Korea (hereinafter ‘IBK’) to Busan.

Busan City Hall.

The ‘Public-Private-Political Cooperation Task Force’ was launched after the relocation of IBK took its first step with the Ministry of Land, Infrastructure and Transport’s designation notice on May 3rd, naming IBK as a public institution to be relocated to Busan. Busan City proposed the formation of the ‘Public-Private-Political Cooperation Task Force’ to the People Power Party, the Democratic Party of Korea, the business community, and civic groups, requesting their cooperation. The ruling and opposition parties, business community, and civic groups also agreed to actively participate, leading to its establishment.

Attending the meeting will be Mayor Park Hyung-jun, along with National Assembly members Seo Byung-soo, Kim Do-eup, Kim Hee-gon, Jeong Dong-man, and Park Soo-young (People Power Party), and Park Jae-ho, Choi In-ho, Jeon Jae-soo (Democratic Party of Korea); Jang In-hwa, Chairman of the Busan Chamber of Commerce and Industry; Heo Hyun-do, Chairman of the Busan-Ulsan Small and Medium Business Association; Park Jae-yul, Standing Representative of the Busan Citizens’ Coalition for Decentralization and Balanced Development; and Jo Yong-eon, Co-representative of the Busan Economic Justice Practice Citizens’ Coalition.

The meeting will proceed in the order of commemorative photo session and opening, greetings, reports on progress and tasks, and a comprehensive discussion. It will focus on devising effective response measures for the swift amendment of the ‘Industrial Bank of Korea Act,’ which is the biggest issue in IBK’s relocation to Busan, and the Ministry of Land, Infrastructure and Transport’s approval of the local relocation plan (including scale and scope). The task force also plans to strengthen communication and unite across party lines to support the relocation.

Going forward, the ‘Public-Private-Political Cooperation Task Force’ will hold meetings once a month. To ensure efficient operation, a working-level consultative body will be established under the task force to monitor the progress of IBK’s relocation and discuss implementation plans. The public, private, and political sectors will work as one team to jointly respond for the effective relocation of IBK to Busan.

Mayor Park Hyung-jun stated, “The relocation of IBK to Busan will be a groundbreaking opportunity to lead the growth of South Korea’s innovative economy by forming two major growth axes in Busan and Seoul.” He added, “We will do our best to ensure the smooth relocation of IBK to Busan through the bipartisan and comprehensive activities of the Public-Private-Political Cooperation Task Force.”

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