Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Oceans ministry relocation to cost at least $85 mil.
Two buildings selected for temporary use by the Ministry of Oceans and Fisheries after its relocation stand near Busanjin Station in Busan, July 10. Yonhap
By Park Jae-hyuk
The Lee Jae Myung administration has decided to spend at least 118.9 billion won ($85 million) between 2025 and 2026 to relocate the Ministry of Oceans and Fisheries to Busan.
The oceans ministry announced Tuesday that 32.2 billion won from the total 7.3 trillion won allotted for its 2026 budget will cover the expenses for relocation, a process set to begin at the end of this year.
The announcement follows the government’s decision last month to inject 86.7 billion won from the 2025 reserve fund to finance a new office building for the ministry, transfer cargo and assist employees with housing and commuting arrangements.
Following Lee’s pledge to explore Arctic shipping routes, the ministry drew up plans to move to the southeastern port city from the administrative city of Sejong in the nation's interior.
In July, two office buildings near Busanjin Station on Busan Metro Line 1 were selected for the ministry’s temporary use until new headquarters could be completed by the end of 2029. Throughout this process, there exists the possibility of further increases in relocation costs.
The National Assembly Budget Office previously forecast that expenses could surpass 167.3 billion won, factoring in the construction of the new building and support for employee relocation. The office estimated building construction at 162.3 billion won and assistance for employees moving to Busan at 5 billion won.
Considering additional rental payments for temporary office spaces, total costs might exceed 200 billion won.
This analysis and the government’s budget stand in stark contrast to Oceans Minister Chun Jae-soo’s earlier estimates. During his confirmation hearing, Chun said the relocation would cost between 20 billion won and 30 billion won.
Sejong’s city government and residents have also voiced concerns, claiming the relocation will cause 150 billion won in economic losses annually, with at least 3,000 people expected to leave the city.