The city of Busan confirmed on the 9th that it will launch a marine finance development council next month on the 1st, with participation from the Industrial Bank of Korea, the Export-Import Bank of Korea, the Korea Trade Insurance Corporation, the Korea Asset Management Corporation (KAMCO), and Busan Bank.
This is to support President Lee Jae-myung's campaign promises, such as the transfer of the Ministry of Oceans and Fisheries, attracting HMM's headquarters, and developing the Arctic route.
Busan is launching the council by expanding the existing marine finance council and will hold its first meeting on the 1st of next month. The purpose of the council is to proactively respond to the new government's marine finance policies and to strengthen policy collaboration.
At its first meeting, the council will establish the direction and response strategies for the marine finance policies of the Lee Jae-myung administration. The council will be chaired by Deputy Minister Lee Joon-seung, with department heads from the Industrial Bank of Korea, the Korea Trade Insurance Corporation, the Export-Import Bank of Korea, Busan Bank, and KAMCO participating. These financial institutions plan to devise financial support measures for corporations in Busan.
Officials from 13 institutions, including the Korea Maritime Promotion Corporation, Korea Maritime University, and the Korea Maritime and Fisheries Development Institute, will participate. They will be responsible for talent development and policy research.
During the presidential campaign, President Lee promised to transfer the Ministry of Oceans and Fisheries to Busan, attract 100 major corporations to Busan including HMM's headquarters, and develop the Arctic route. At the Cabinet meeting held on the 5th, President Lee directed the Ministry of Land, Infrastructure and Transport to prepare quickly for the transfer of the Ministry of Oceans and Fisheries to Busan. He also established a maritime and fisheries secretary position in the presidential office. The city of Busan has high expectations for President Lee's commitment to fulfilling his promises for Busan.
Busan stated that it will enhance the public-private partnership system to strengthen the marine finance ecosystem through the council, including linking policies and discovering joint projects.