South Korea relocation plan leaves financial agency decision open as 343.5 billion won budget proposed

Sep 2, 2026 02:19 (20d ago)

South Korea plans to move central agencies to Sejong, send more than 350 public institutions to innovation cities and reorganize 109 of 525 public institutions.
Next year’s proposed relocation allocation totals 343.5 billion won, including 270.7 billion won from the Future Response Fund and 72.831 billion won for new Sejong-area buildings.
Financial regulators and state-run banks remain under consideration for relocation, while unions planned a September 4 rally of about 20,000 people demanding assessment of the first phase.

South Korea’s government has proposed 343.5 billion Korean won for next year’s relocation program, including moves of central agencies to Sejong and more than 350 public institutions to innovation cities, while separately planning to reorganize 109 of 525 public institutions. The Ministry of Justice and Ministry of Gender Equality and Family are scheduled to begin moving to Sejong in the first half of next year, with the Supreme Prosecutors’ Office and National Police Agency to follow after new buildings are completed. Financial regulators and state-run banks were absent from the initial list, but officials said they remain under consideration and final destinations and arrangements will be decided in the fourth quarter. Financial unions oppose relocating the Financial Services Commission, Financial Supervisory Service, Korea Deposit Insurance Corporation and state-run banks, citing staff departures, weaker supervision, higher costs and risks to Seoul’s eighth-ranked global financial center.