Labor unions representing eight South Korean mutual aid associations and the Korea Investment Corporation, known as KIC, met with Seoul Metropolitan Government Senior Secretary for Political Affairs Park Chan-goo to oppose relocating the institutions outside the capital. The unions said the move could weaken Seoul’s standing as a financial hub by disrupting close working relationships with global investment firms and impairing information flows used for alternative investments, negotiations and risk management. The eight associations managed combined assets of 179.4487 trillion won at the end of last year, while KIC managed $232 billion, or about 333 trillion won. KIC Labor Union Chairperson Jang Ju-ho proposed using the institutions’ global networks to connect overseas capital with regional projects and reinvest proceeds locally instead of relocating their headquarters.