Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, announced plans to establish a Southeast Investment Bank (tentative name) to support industries in the PK (Busan, Ulsan, and Gyeongsangnam-do) region. This initiative is intended to replace the relocation of the Korea Development Bank, which has long been seen as a wish for Busan.
The candidate stated on Facebook on 1st, "I will establish a Southeast Investment Bank in the marine capital of Busan," adding, "To grow the future industries of Busan, Ulsan, and Gyeongsangnam-do and revitalize the local economy, we urgently need to establish a tailored financial support system for the region."
The candidate noted, "Busan, Ulsan, and Gyeongsangnam-do have grown as centers of heavy industry, such as shipbuilding, automobiles, petrochemicals, and machinery," but he also pointed out that "as the industrial structure is being reshaped and the global industrial environment is rapidly changing, our competitiveness in the world market is weakening."
He emphasized, "Local corporations are struggling with financing and attracting investment due to financial infrastructure concentrated in the metropolitan area," and reiterated that he would promote the establishment of the Southeast Investment Bank to restore the competitiveness of industries in Busan, Ulsan, and Gyeongsangnam-do and lead sustainable growth.
The Southeast Investment Bank will operate large-scale policy funds to invest in key industries such as shipbuilding, automotive, parts and materials, and renewable energy. The initial capital will be 3 trillion won, funded jointly by the central government, local governments, Korea Development Bank, Industrial Bank of Korea, and Export-Import Bank.
The candidate stated, "We will support the Arctic route with maritime finance, lead the industrial transformation of the southeastern manufacturing belt with industrial finance, and position ourselves as a national policy bank that drives a virtuous cycle of the local economy," emphasizing that the establishment of the Southeast Investment Bank is a realistic proposal that has also been considered by officials from the previous administration.
On the same day, the candidate also announced the policy commitment for a nation with strong veteran support. Specifically, this includes ▲ the introduction of a quasi-veteran hospital system ▲ the actualization of veteran benefits and allowances ▲ the normalization of the functions of the National Veterans Affairs Commission.
The candidate stated, "The fundamental duty of the state is to honorably uphold patriotism. We will elevate the treatment of national merit holders and their families so they can feel pride and dignity; we will increase support further," declaring, "I will improve recognition and treatment focusing on independence, defense, and democracy as the three pillars of veteran support."