Relocating KDB, Ministry of Oceans and Fisheries, and HMM?... Fierce Battle for the 'Casting Vote' in Busan

Kim Moonsoo: "Relocate KDB" vs. Lee Jaemyung: "Difficult"
Lee Jaemyung Promises to Relocate Ministry of Oceans and Fisheries and HMM Instead
Lee Junseok: "Proposing Relocation Simply for 'Vote-Buying' Is Risky"

Candidates for the 21st presidential election have put forward pledges for the development of Busan, a key region in this election, in an effort to win over voters. They have proposed relocating the Ministry of Oceans and Fisheries, Korea Development Bank, and HMM (formerly Hyundai Merchant Marine) to Busan.

Aerial view of Haeundae Beach in Busan. Not related to the article content. Photo by Asia Economy DB

The first to make a move was Kim Moonsoo, the People Power Party candidate. As soon as the official campaign period began on May 12, Kim spent three consecutive days campaigning exclusively in the Yeongnam region. On May 13, he visited the proposed relocation site for Korea Development Bank in Busan and pointed out, "We have the land, the policy decisions have all been made, and all that's left is to pass the bill?so why hasn't it happened yet?" The relocation of Korea Development Bank to Busan was a presidential campaign pledge of former President Yoon Suk-yeol and one of the Yoon administration's key policy tasks, but it fell through due to sharp differences in opinion.

Lee Jaemyung, the Democratic Party candidate, addressed the feasibility of relocating the bank during a campaign speech in Seomyeon, Busan, on May 14. He said, "Politics is about making promises that can be fulfilled and being judged and re-endorsed based on delivering those promises." As an alternative, he pledged to relocate the Ministry of Oceans and Fisheries and the shipping company HMM to Busan.

Lee further explained that although HMM is a private company, it is not impossible to relocate it since the government holds a stake in the company. Regarding the relocation of the Ministry of Oceans and Fisheries, he emphasized, "I will make an exception for the Ministry of Oceans and Fisheries and move it to Busan. The ministry must play a key role in making Korea a maritime nation and Busan a maritime capital."

Lee Junseok, the Reform New Party candidate, met with reporters at Beomeosa Temple in Busan on May 14 and commented, "Candidate Lee has shown a lukewarm attitude toward relocating Korea Development Bank, and, facing potential criticism for this, appears to have brought up the relocation of HMM as an alternative." He added, "Even if HMM is effectively state-owned, its location should be wherever the company can achieve the best results. Proposing relocation simply for 'Busan vote-buying' purposes is risky."

Park Kinyeong, deputy spokesperson for the People Power Party's central election committee, stated in a commentary on May 15, "Both HMM and the HMM labor union have expressed a negative stance, saying they have not been informed about the relocation to Busan."