"Supporting Regional Finance Is Key to Local Investment"... Regional Banks Welcome President Lee's Remarks

"The disappearance of regional banks is also a problem. We need to allow these banks to invest in their respective regions."

Regional banks have responded positively to President Lee Jaemyung's remarks at the Cabinet meeting he presided over on the 16th.

On this day, President Lee requested, "It would be good to come up with financial measures to support regional finance itself, in order to revitalize and grow local businesses, or to provide financial benefits to regional industries and companies."

A representative from the regional financial sector welcomed the president's stance, saying, "The president's policy seems to point out the trend of central banks dominating the regional financial industry, so this is certainly welcome news for regional banks."

President Lee Jae-myung is listening to a participant's remarks at the 42nd Cabinet Meeting held at the Government Complex Sejong on the 16th. Photo by Yonhap News Agency

President Lee also instructed officials to consider applying lower loan interest rates and electricity rates to citizens and businesses outside the Seoul metropolitan area.

Presiding over a Cabinet meeting at the Government Complex Sejong for the first time since taking office, President Lee said, "Is it impossible to offer lower policy finance interest rates to companies or citizens who move to the regions? I don't think it's impossible," expressing his view that such measures could be feasible.

He emphasized, "For example, when providing loans or jeonse loans for purchasing homes in the regions, offering lower interest rates than in the metropolitan area. There are many financial policies where the government assumes a certain burden to achieve specific policy objectives."

A representative from a regional bank said, "President Lee requested that we develop measures to support regional finance itself, to revitalize and grow local businesses, or to provide financial benefits to regional industries and companies," adding, "This could be a significant boost for regional banks."