Minister of Land, Infrastructure and Transport Kim Yun-deok laid out a principle Wednesday to prioritize regional industrial competitiveness in the second round of public institution relocations.
Kim made the remarks at the opening ceremony of KB Financial Town in Jeonju Innovation City, North Jeolla Province, saying the relocation of public institutions "has played a major role in revitalizing regional economies by encouraging private companies to follow suit."
He added that the second round of relocations, set to begin in earnest in the second half of the year, would be guided by the "five poles, three special zones" strategy, with a focus on each region's industrial strengths. "We will attract related businesses to generate synergy, actively improve living conditions and turn innovation cities into competitive urban centers where companies and young people want to gather," Kim said.
The comments came as North Jeolla Province's financial cluster has been gaining momentum. Since KB Financial Group announced plans to build the financial town in January, domestic financial institutions including Woori and Shinhan, as well as global asset managers such as Allianz and BlackRock, have set up collaborative offices with the National Pension Service there.
The opening ceremony was attended by Kim, North Jeolla Province Governor Lee Won-taek, Jeonju Mayor Jo Ji-hun, KB Financial Group Chairman Yang Jong-hee and National Pension Service Chairman Kim Sung-joo, among others. The North Jeolla KB Financial Town brings together major KB Financial Group affiliates including Kookmin Bank, KB Securities and KB Asset Management, and will house more than 350 financial professionals. It is regarded as the most prominent example of a large-scale regional office established by a private financial institution since the National Pension Service relocated to Jeonju in 2015.
smh@heraldcorp.com
