The Korea Trade Insurance Corporation (K-Sure) union has called for the agency to be excluded from the second round of public institution relocations, citing concerns that moving its headquarters could weaken the country's export finance competitiveness. The Industrial Bank of Korea union also expressed solidarity, emphasizing the need for policy finance institutions to be concentrated.
On September 29, the K-Sure union held a press conference in front of the Cheong Wa Dae Sarangchae, stating, "The review of relocating K-Sure, which would undermine export finance competitiveness, must be halted immediately." Park Hong-cheol, the union chairman, emphasized that "policy finance is not just for specific regions" and is a core infrastructure that supplies growth momentum to the entire South Korean economy, from regional growth industries to national export strategies.
He added, "It is not possible to judge all public institutions with completely different characteristics by a single standard of balanced development."
The K-Sure union highlighted that the agency does not directly lend money but connects financial market funds to export companies and overseas projects through insurance and guarantees. They stressed the importance of linking with a financial ecosystem that includes financial institutions and legal, accounting, and financial advisory firms.
They also pointed out that export finance operates from the early competitive stages, not just after contract signing, in the process of securing large overseas projects. Chairman Park noted, "Overseas clients check the possibility of financial support from the initial stage of considering participation by domestic companies," adding, "In today's global bidding, a strong driving force of export finance must be combined with a company's technology and price to achieve victory."
He further stated, "The issue of relocating institutions is not just about changing the address of the headquarters; it is about where to place the engine of South Korea's export finance," asserting that K-Sure's export finance competitiveness should not be shaken by simple relocation logic.
The Industrial Bank of Korea union also expressed opposition to the relocation of policy finance institutions. Kim Hyun-jun, the union chairman, stated, "Finance is an industry that requires networks and concentration," and emphasized the importance of a rapid response environment for financial authorities and institutions, especially since financial crises can occur unexpectedly. He warned that scattering multiple financial institutions could lead to missing critical response times during crises.
Concerns were also raised about the working conditions of agency members and the potential loss of specialized personnel. Park Sang-jun, a labor director at K-Sure, remarked, "Relocation is not just a simple office move; it significantly changes employees' workplaces, residences, and family living conditions," asserting that "K-Sure's competitiveness lies not in buildings but in people."
He added, "The experience in supporting export companies, overseas financial expertise, and international networks are assets that employees have built over many years. If key personnel leave and expertise is weakened due to relocation, it could lead to a decline in institutional competitiveness and a deterioration in public service."
After the press conference, the K-Sure union submitted a petition with employee signatures to Cheong Wa Dae, requesting the complete exclusion of K-Sure from the second round of public institution relocations.
* This article has been translated by AI.
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