Chairman Lee Eog-weon of the Financial Services Commission held a meeting with officials from policy financial institutions, industry associations, and local businesses in Busan on October 22 to have discussions on ways to boost the role of finance in facilitating the growth of local economies. At the meeting, Chairman Lee stressed the importance of seeking a transition toward productive finance and said that boosting the role of financial sector in support for local economies is a major part of that effort. To that end, Chairman Lee said that policy financial institutions will expand the supply of financing programs tailored to the needs of local economies by about KRW25 trillion a year by 2028. In addition, to encourage banks, mutual finance businesses, and savings banks in the private sector to increase their supply of financing to local economies, the FSC will consider ways to ease rules on their loan-to-deposit spreads and to provide stronger incentives. There will also be efforts to boost venture investment and foster vibrant startup ecosystems in local economies.