[비즈한국] On the 6th, Democratic Party leader Lee Jae-myung and Busan Mayor Park Heong-joon met at the Busan Port PR Center at the Busan Port Authority New Port Office. Given the possibility of an early presidential election, it was only natural that the meeting between the leader of the main opposition party and the mayor of Busan drew keen attention from Korea Development Bank (KDB) employees. While Mayor Park emphasized that "relocating KDB to Busan is an urgent task," leader Lee Jae-myung refrained from commenting on the matter, stating only that "the Northern Sea Route issue is a very urgent and important matter."
In the financial sector, there is speculation that if an "early presidential election" occurs, the relocation of KDB to Busan could effectively fall through. However, inside and outside the bank, there is close observation regarding the possibility that KDB's relocation might reappear as a campaign pledge during the presidential race. There are concerns that the institution "could be moved anywhere, whether to Busan or somewhere else, at any time."
Park Heong-joon Accuses Lee Jae-myung of "Cold Treatment Toward Busan"
The Democratic Party has maintained a "skeptical" stance regarding the relocation of KDB's headquarters to Busan. This atmosphere was clearly evident in leader Lee Jae-myung’s remarks on the 6th.
Mayor Park Heong-joon requested assistance, citing the Special Act on Global Hub Cities and the relocation of KDB as pressing tasks for Busan. After the meeting, he criticized the leader, telling reporters: "It was ten times harder to get this meeting than to meet the President. Even after we went through the trouble of setting up this venue and I earnestly requested support and explained the situation regarding local issues, the cold response I received leads me to believe that he not only ignored me, but treated the citizens of Busan with indifference."
On the other hand, leader Lee Jae-myung stated, "The Northern Sea Route issue is a very urgent and important matter," adding, "Although the scale of the Northern Sea Route is currently small, now that a regular route has been pioneered and is in operation, everyone expects it to be actively utilized by the 2030s." He also explained, "It is expected that relations between Russia and the U.S. will improve rapidly, and there is a possibility that relations between Russia and North Korea, as well as the U.S. and North Korea, will undergo significant changes." Regarding the relocation of KDB to Busan, however, he only provided a standard response, saying he would "look into it."
Relocation to Busan 'Only in Five Years?'
Consequently, the financial sector is observing that the "relocation of KDB to Busan will become a distant prospect." A financial authority official explained, "It is difficult to pass the amendment to the Korea Development Bank Act (which would establish the headquarters in Busan) without the consent of the giant opposition party. The remarks made by leader Lee during his Busan visit indicate that KDB's relocation is not a priority. Since the ruling party has also lost its momentum, the relocation will likely remain stagnant for years, just as it is now."
In particular, the sexual misconduct allegations involving former People Power Party lawmaker Chang Je-won, who was widely rumored to be eyeing the next Busan mayoral seat, have become a significant variable. A National Assembly official interpreted the situation: "Former lawmaker Chang was at the forefront of the KDB relocation effort, even criticizing Seoul Mayor Oh Se-hoon for his opposition to the move, so it was an open secret that he was eyeing the Busan mayoralty. The fact that the pro-Yoon faction, including President Yoon Suk-yeol, is currently wavering is also a variable for the bank's relocation."
However, there is no small amount of concern within and around KDB regarding an early presidential election that would be held should President Yoon Suk-yeol be removed from office. The fear is that while the ruling bloc has pinned its hopes on "Busan," the opposition bloc might bring up the idea of relocating to "a region other than Busan." A KDB employee hinted, "The Democratic Party currently opposes the move to Busan, but wouldn't they include KDB as a primary candidate for relocation while proposing the 'establishment of a financial hub' in a different third region as a campaign pledge? There is significant concern because major public enterprises have always been relocated to the provinces whenever the Democratic Party takes power."