Busan pushes for power‑sector headquarters and launches bank‑backed co‑prosperity financing

Lawmaker Gwak Gyu‑taek urged the Lee Jae‑myung administration to prioritize locating the integrated headquarters of five state‑owned power generation firms – Korea Southern Power, Korea East‑West Power, Korea South‑East Power, Korea Central Power and Korea West Power – in Busan. He estimated the move could add about 158 billion KRW in annual local income tax and generate roughly 345 billion KRW in total tax revenue, alongside creating more than 5,000 jobs. The government is expected to announce the restructuring plan in September.

Separately, Busan city and BNK Busan Bank pledged a 667 million KRW donation to support the “Our Neighborhood Co‑prosperity Financing Project.” 480 million KRW will fund 16 district‑level grant competitions for welfare, environmental, ESG, youth and financial‑education initiatives, while 190 million KRW will be used to provide about 2,000 fans to heat‑wave‑vulnerable households. Mayor Jeon Jae‑soo highlighted the project as a new model of locally‑driven social contribution in partnership with BNK Financial Group.