Min Byungdeok Proposes Bill to Establish Southeast Investment Bank

Leading the Major Industrial Transformation in the Southeastern Region

Min Byungdeok, a member of the Democratic Party of Korea, officially proposed a bill to establish the 'Southeast Investment Bank' on June 2.

This bill follows the announcement by Democratic Party presidential candidate Lee Jaemyung regarding the establishment of the Southeast Investment Bank (provisional name). According to Min, the legislation aims to create a region-specific financial support system to foster future industries in the Busan, Ulsan, and Gyeongnam areas and revitalize the local economy. This comes amid the restructuring of the industrial landscape centered on heavy and chemical industries such as shipbuilding, automobiles, and petrochemicals in the Busan-Ulsan-Gyeongnam region, as well as rapidly changing global industrial conditions.

The Southeast Industrial Investment Corporation, as proposed by Min, would be a regional investment institution funded by approximately 3 trillion won in capital from the central government, the local governments of Busan, Ulsan, and Gyeongnam, and public institutions such as the Korea Development Bank. The corporation would establish an industrial innovation fund for companies in the southeastern region, providing broad investment and financing support ranging from traditional key industries such as shipbuilding and automobiles to new growth sectors like bio and renewable energy. This plan aligns with Lee's proposal for securing investment capital.

According to the bill, the Southeast Industrial Investment Corporation would directly supply the funds needed in the region, reducing dependence on capital concentrated in the Seoul metropolitan area and enabling Busan to receive large-scale investments and financial services directly. Furthermore, the corporation's role would go beyond financial support to include industrial research, consulting, and infrastructure development, comprehensively enhancing the competitiveness of local industries.

Min stated, "By integrating the economies of Busan, Ulsan, and Gyeongnam, we aim to secure global competitiveness and create economies of scale and synergy. This will break down barriers between regions and allow industries and capital to flow freely, thereby strengthening the overall competitiveness of the southeastern region and forming a robust economic bloc that can compete in the global market."