Jeon Jae-soo, the Democratic Party of Korea's candidate for Busan mayor, called the confirmed relocation of HMM's headquarters to Busan "a historic turning point that will completely reshape Busan's economic map," unveiling his plan to accelerate the maritime capital strategy.
Jeon held an emergency press conference on Wednesday after HMM's extraordinary general meeting earlier that morning, where the final approval was given to the revised articles of incorporation changing the headquarters location to Busan. "The relocation of Korea's flagship shipping company to Busan has moved beyond declaration and entered the implementation stage," he said, welcoming the decision.
"This decision is not simply about moving a company's address, but about returning the heart of Korean shipping to where it rightfully belongs — next to Busan Port," he said. "It is a historic decision that fundamentally changes the long-standing structure in which ships moved from Busan Port but decisions were made in Seoul."
Jeon placed particular significance on the fact that with HMM's relocation, Busan would now establish a "Big 3 major shipping company system" together with SK Shipping and H-Line Shipping. The combined revenue of the three companies amounts to approximately 14 trillion won, with a workforce of around 4,500 employees, suggesting considerable ripple effects on the regional economy, he explained.
He said the economic effects from HMM's relocation are expected to generate approximately 7.7 trillion won in production inducement, 3 trillion won in added value, and 16,000 jobs over the next five years. Based on all three shipping companies, the production inducement effect is projected to reach 10 trillion won and job creation 22,000 positions.
"I will not let HMM's relocation to Busan end as a mere administrative procedure," Jeon said. "By integrating the shipping headquarters, Busan Port, maritime finance, maritime law, and Arctic route strategy, I will make Busan a global maritime capital where the world's shipping strategies are designed."
"Busan must once again find its path from the sea," he added. "I will make today's decision the starting point of a major transformation of Busan's economy and complete a world-class maritime capital."
