Ruling Party Urges Swift Promotion of 'KDB Busan Relocation'... "With Priority Legislation"

The party leadership plans to directly oversee the revision of related laws
Amendment of the Korea Development Bank Act is essential

On the 21st, the ruling party and the government agreed to promptly advance the relocation of the Korea Development Bank to Busan, one of the key national tasks of the Yoon Suk-yeol administration. To this end, the party leadership plans to accelerate the legislative amendment process.

Yoon Jae-ok, floor leader of the People Power Party, told reporters after the 'Ruling Party-Government Meeting on the Relocation of Korea Development Bank to Busan' held at the National Assembly that day, "The floor leadership will directly oversee the legislative amendment related to the relocation of the Korea Development Bank," adding, "We will designate it as a priority bill and engage in negotiations accordingly." The meeting was attended by Park Dae-chul, chairman of the Policy Committee, Lee Yang-su, chief deputy floor leader, lawmakers from the Busan constituency, as well as Kim Joo-hyun, chairman of the Financial Services Commission, and Kang Seok-hoon, president of the Korea Development Bank.

Yoon Jae-ok, floor leader of the People Power Party, is speaking at the government-party meeting on the relocation of the Korea Development Bank to Busan held at the National Assembly on the 21st. Photo by Hyunmin Kim kimhyun81@

Floor leader Yoon emphasized, "In the standing committee, the Democratic Party of Korea is refusing to review the bill without providing clear reasons for opposition," adding, "Leaving it as is is unacceptable given the great expectations and aspirations of the citizens of Busan, and from the People Power Party’s perspective, this is a matter promised by the president to the people."

For the relocation of the Korea Development Bank to Busan, it is essential to amend the Korea Development Bank Act, which currently specifies the head office location as Seoul. However, legislative discussions between the ruling and opposition parties have not progressed in the National Assembly’s Committee on Economy and Finance.

Yoon explained, "The Korea Development Bank needs to create a relocation plan, and in this process, there was a promise to incorporate the opinions of employees, Busan citizens, and related parties to develop a well-structured plan to persuade the Democratic Party and properly report to the citizens of Busan," adding, "The Financial Services Commission also promised to actively share information related to the Korea Development Bank and cooperate."

Earlier, in his opening remarks, floor leader Yoon said, "The relocation of the Korea Development Bank to Busan is not merely a transfer of a public institution but a core national task of balanced national development promised by the Yoon Suk-yeol administration to the people," adding, "It can be regarded as the cornerstone of regional balanced development that starts from the region by promoting new investments, creating jobs, and generating economic vitality throughout the economy."

He also stated, "Even after relocating the Korea Development Bank to Busan, it is natural to thoroughly review all possible situations to avoid inconveniencing customers and employees and to establish a meticulous plan," adding, "In this process, we must do our best to communicate with stakeholders, build consensus, and prepare a plan that benefits everyone."

Chairman Kim emphasized, "We will ensure that the Korea Development Bank evolves into a policy financial institution that effectively supports regional development beyond its existing industrial support functions."

President Kang said, "We will do our utmost to promptly complete the relocation of the Korea Development Bank to Busan so that the economies of Seoul, the metropolitan area, Busan, and the Yeongnam region can leap forward again."

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