Minister Jeon Jae-soo expressed the opinion that the southeastern investment institution to be established in Busan should take the form of a corporation rather than a bank.
Minister Jeon Jae-soo appeared on KBS Sunday Diagnosis on the 10th and noted, "Rather than a southeastern investment bank, I think it would be better to create a southeastern investment corporation to quickly create an environment for investment and secure large-scale investment resources."
The former Minister explained that if an investment bank is established, it would be subject to the Bank for International Settlements (BIS) ratio regulations applicable to banks, and reserves for bad debts must also be accumulated, stating that it would be better to establish a southeastern investment corporation free from regulations instead of an investment bank.
He stated, "To secure large-scale investment resources, I think it would be appropriate to move toward an investment corporation," adding that specifically, with the launch of the investment corporation, it could secure resources that allow for leveraging investments up to 15 times by issuing 3 trillion won in bonds and debentures.
The former Minister also emphasized that he would transfer the Ministry of Oceans and Fisheries to Busan by the end of the year. He said, "We have created a timeline to transfer the Ministry of Oceans and Fisheries to Busan by December 31," and added, "There are no problems with the Ministry of Oceans and Fisheries moving to Busan." Along with this, he promised the transfer of affiliated organizations of the Ministry to Busan, stating it would maximize synergy.
The former Minister also revealed plans to integrate government agencies, shipping corporations, and shipbuilding infrastructure in Busan, Ulsan, and Gyeongnam to make them a growth engine following Seoul and the metropolitan area, in preparation for the Arctic route.
The former Minister emphasized, "We will integrate the southeastern investment corporation, the Maritime Specialized Court, and major shipping corporations, including HMM, in Busan," adding, "If the Arctic route opens, we can secure sustainable and stable growth by equipping Korea, which is precariously flying with only one growth engine in Seoul and the metropolitan area, with another growth engine."