Yangjaesaeng, President of Busan Chamber of Commerce, Officially Registers National Assembly Petition for Amendment of Korea Development Bank Act

The local business community has launched a National Assembly petition urging the amendment of the Korea Development Bank Act, with Yang Jae-saeng, chairman of the Busan Chamber of Commerce and Industry, as the petitioner, to relocate the Korea Development Bank headquarters to Busan, a move that has failed to pass the National Assembly for two consecutive years.

Yang Jae-saeng, Chairman of Busan Chamber of Commerce and Industry, and Park Hyung-joon, Mayor of Busan.

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The Busan Chamber of Commerce and Industry (Chairman Yang Jae-saeng) held a send-off ceremony on the 5th at the Chamber Hall of the Busan Chamber of Commerce, attended by about 100 people including local business leaders led by Chairman Yang Jae-saeng, Park Hyung-joon, Mayor of Busan, Ahn Seong-min, Chairperson of the Busan City Council, National Assembly member Baek Jong-heon, heads of related organizations, and local youth, to mark the start of the National Assembly petition urging the amendment of the Korea Development Bank Act.

The background for the Busan Chamber of Commerce and Industry to promote this event is to convey the urgency of the local business community and urge the passage of the legislative amendment, as the National Balanced Development Committee officially designated the Korea Development Bank as a public institution to be relocated to Busan in May 2023, yet the related partial amendment bill of the Korea Development Bank Act has not even been discussed in the National Assembly for nearly two years.

The Busan Chamber of Commerce and Industry stated that amid the extreme confrontation between the ruling and opposition parties due to the recent presidential impeachment crisis, there is growing concern that the Korea Development Bank headquarters relocation project to Busan may lose momentum, and thus the local business community intends to create a new spark through the National Assembly petition, the most powerful means to pressure the National Assembly.

The National Assembly petition (citizens' consent petition) involves registering a petition, obtaining the consent of 100 supporters, and reviewing the petition requirements for public disclosure. If more than 50,000 citizens agree within 30 days thereafter, the petition is referred to the relevant committee for review and examination.

At the send-off ceremony, Chairman Yang Jae-saeng of the Busan Chamber of Commerce officially registered the petition, and all attendees including Mayor Park Hyung-joon jointly signed it, completing the first steps of the National Assembly petition process: petition registration and obtaining the consent of 100 supporters.

Through the National Assembly petition, the Busan Chamber of Commerce pointed out that South Korea is facing severe economic conditions due to prolonged stagnation of growth outside the metropolitan area and the entrenchment of a metropolitan area-dependent economic structure, compounded by the spread of new protectionism and a paradigm shift in the economy caused by the re-election of former U.S. President Trump.

It further emphasized that to overcome the current situation, the Southeast region, which has excellent industrial capital and infrastructure and can compete with the metropolitan area, must be developed as another growth axis. To achieve this, the Korea Development Bank, which possesses accumulated policy finance capabilities such as industrial promotion and regional development experience, should relocate to Busan to fulfill this role, and the National Assembly should promptly pass the partial amendment bill of the Korea Development Bank Act.

In his greeting, Chairman Yang Jae-saeng of the Busan Chamber of Commerce expressed deep regret that the relocation of the Korea Development Bank headquarters to Busan, whose administrative procedures have been completed by the government, has not even been properly discussed in the National Assembly for nearly two years. He showed strong determination by stating, "If the National Assembly does not voluntarily proceed with the review, we will unite the power of the local community to ensure that the Korea Development Bank Act is amended, even if it means using the National Assembly petition method."

The Busan Chamber of Commerce plans to divide the city into three areas?East Busan, West Busan, and the original downtown?and set up mobile promotion booths in places with high foot traffic to encourage citizen participation to achieve the first goal of the National Assembly petition: obtaining 50,000 citizen consents. They also plan to hold on-site briefings at mass gatherings such as school entrance ceremonies and university orientation events.

The Busan Chamber of Commerce and Industry is holding a launching ceremony to mark the start of a National Assembly petition urging the revision of the Korea Development Bank Act, with about 100 participants including Chairman Yang Jae-saeng, local business leaders, Busan Mayor Park Hyung-jun, Busan City Council Chairman Ahn Sung-min, National Assembly member Baek Jong-heon, heads of related organizations, and local youth.

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