Ruling and Opposition Busan Lawmakers and Busan City Discuss Handling of San-eun Act During Regular National Assembly Session

Ruling and opposition party members of the National Assembly from the Busan region and the Busan Metropolitan City government are discussing the amendment of the 'Korea Development Bank Act' to relocate the Korea Development Bank (KDB) to Busan.

On the 3rd, at the National Assembly, People Power Party members Seo Byung-soo, Kim Do-eup, Kim Hee-gon, Jeong Dong-man, Park Soo-young, Democratic Party members Park Jae-ho, Choi In-ho, Jeon Jae-soo, and Busan Mayor Park Hyung-joon met to hold the '3rd Meeting of the Public-Private-Government Cooperation Task Force (TF) for the Relocation of KDB to Busan.'

The relocation of KDB to Busan has already begun administrative procedures since the Ministry of Land, Infrastructure and Transport announced in May that the Korea Development Bank is a public institution relocating to Busan. However, the bill to amend the law concerning KDB’s relocation to Busan is currently pending in the National Assembly.

The TF will discuss countermeasures to pass the amendment to the KDB Act within this year’s regular session of the National Assembly.

Busan Mayor Park Hyung-jun is taking time out of his busy official duties to walk in the garden set up at the city hall. Photo by Jo Yong-jun jun21@

Earlier, on the 2nd and 3rd, Mayor Park met with People Power Party floor leader Yoon Jae-ok, Democratic Party floor leader Hong Ik-pyo, and Democratic Party Policy Committee Chair Lee Gae-ho to persuade them of the necessity of relocating KDB to Busan.

Mayor Park said, "Due to the concentration of population, capital, and companies in the Seoul metropolitan area, the gap in production, employment, business, and population between the metropolitan and non-metropolitan areas is widening." He added, "For South Korea, which has entered a low-growth phase, to make a leap forward, two growth axes in Seoul and Busan must be realized, and the relocation of KDB to Busan will be the momentum for that." He continued, "I request that the National Assembly promptly pass the amendment to the KDB Act with bipartisan agreement during this regular session to ensure the complete relocation of the Korea Development Bank to Busan."