Minister Kim Yoon-duk Says Public Agency Relocation Boosts Regional Economy

Land, Infrastructure and Transport Minister Kim Yoon-duk attended the opening ceremony of KB Financial Town in the innovation city of Jeonju, North Jeolla Province, emphasizing the effect of public agency relocation on revitalizing the regional economy.

The Ministry of Land, Infrastructure and Transport (MOLIT) said Wednesday that Kim attended the ceremony held at 10:30 a.m. at KB Financial Town in Jungdong, Deokjin-gu, North Jeolla Province. The ceremony was joined by North Jeolla Governor Lee Won-taek, Jeonju Mayor Cho Ji-hoon, KB Financial Group Chairman Yang Jong-hee, and National Pension Service Chairman Kim Sung-joo.

North Jeolla KB Financial Town, which brings together major KB Financial affiliates including Kookmin Bank, KB Securities, and KB Asset Management, is regarded as a leading case in which a private financial institution has built a large-scale regional hub office following the National Pension Service's relocation to Jeonju in 2015. After the opening, some 350 specialized personnel will reside there, taking charge of KB Group's National Pension Service-related businesses and projects to strengthen regional financial capabilities.

It has been consistently pointed out that, for the National Pension Service's relocation to lead to the development of specialized industries and the revitalization of the regional economy, the accompanying relocation of private asset managers is necessary. Since the announcement of the KB Financial Town development plan in January this year, domestic financial institutions such as Woori and Shinhan, as well as global asset managers including Allianz and BlackRock, have established collaborative offices with the National Pension Service, further strengthening North Jeolla's financial cluster function.

"Public agency relocation is promoting the accompanying relocation of private companies and playing a major role in revitalizing the regional economy," Kim said. "In the second-round public agency relocation policy that will begin in earnest in the second half of the year, we plan to place priority consideration on regional industrial competitiveness based on the '5 poles, 3 special zones' strategy."

He added that he would work to enhance synergy effects by attracting affiliated companies and actively pursue improvements in living conditions, turning innovation cities into competitive cities where businesses and young people gather.