Busan Metropolitan City has drawn up a plan to develop a financial hub over the next five years and decided to include the transfer of Korea Development Bank (KDB) headquarters to Busan. The Lee Jae-myung administration promised to establish the Southeast Region Investment Corporation and to transfer the Ministry of Oceans and Fisheries and HMM to Busan instead of transferring Korea Development Bank to Busan. However, ahead of the local elections in June next year, there are still strong calls in Busan City for the transfer of Korea Development Bank to Busan.
According to Busan City and the financial sector on the 13th, Busan City has decided to include in its five-year plan to foster a financial hub from 2026 to 2030 the provision that it will "promote the transfer of Korea Development Bank headquarters to Busan in connection with the second phase of public institution relocations to the provinces." This means the city will resume the transfer of Korea Development Bank to Busan, which had been halted under the Lee Jae-myung administration.
Former President Yoon Suk-yeol pushed a plan to transfer Korea Development Bank headquarters to Busan City, but it fell through due to opposition from the Democratic Party of Korea, then the opposition party. To transfer the headquarters, the Korea Development Bank Act needs to be amended.
President Lee Jae-myung said during the last presidential election that transferring Korea Development Bank to Busan would be difficult, and promised to transfer the Ministry of Oceans and Fisheries (MOF) and HMM to Busan and to pursue the establishment of the Southeast Region Investment Bank. However, from the perspective of Busan City, which is pushing a financial hub specialized in policy finance, the transfer of Korea Development Bank is necessary. Recently, the government decided to establish the Southeast Region Investment Bank in the form of a corporation, prompting Busan City to push back.
The People Power Party is showing a positive stance toward the transfer of Korea Development Bank to Busan. Busan City and the People Power Party jointly proposed to the government nine key tasks last month, including the transfer of Korea Development Bank to Busan. It is reported that within the Democratic Party of Korea, some argue the party should present the transfer of Korea Development Bank as a key campaign pledge in next year's local elections to win over voters in Busan. As a result, the transfer of Korea Development Bank to Busan is expected to emerge as a variable in the local elections scheduled for June next year.