The ruling Democratic Party of Korea is considering whether to move 11 of the country’s 18 parliamentary committees out of Seoul as part of a plan to relocate the National Assembly to Sejong, some 120 kilometers south of the capital.

The relocation is included in the party’s master plan to make Sejong the true administrative capital of the country, party officials said. It is expected to be unveiled in the coming days.

“We will develop Seoul into an economic and financial center of East Asia with a long-term perspective,” Democratic Party Chairman Lee Nak-yon said in a meeting Friday.

“At the same time, (the party) will move forward with a step-by-step plan to eventually relocate the National Assembly to Sejong completely.”

Since moving the National Assembly in a single step would require a constitutional amendment, the party’s task force on regional development, which is putting the final touches on the master plan, prefers a phased move and wants to keep the main Assembly chamber in Seoul intact.

In 2004, the Constitutional Court stopped a plan by the Roh Moo-hyun administration to move the government’s legislative and executive branches to Sejong, saying Seoul is constitutionally the capital of South Korea.

According to the party officials Sunday, under the envisioned plan, 11 parliamentary committees would move first and a second plenary session chamber would open later in Sejong.

The party has not yet decided which committees would relocate first, nor has it set a specific timeline, but the move is calculated to cost around 1.4 trillion won ($1.3 billion).

Aside from the parliamentary relocation, the party’s road map for balanced regional development would contain initiatives for Seoul, as well as other provinces and cities.

As for Seoul, which would lose its function as the capital, the party is reviewing plans to temporarily designate Yeouido, western Seoul, a special financial district to attract foreign financial institutions. New financial education centers could move into the area, along with new residential areas for foreigners.

The party is looking to New York City and Washington as models for Seoul and Sejong.

Sejong currently houses some government ministries and affiliated agencies, but Seoul has remained the main political stage, as a large number of important meetings still take place in the capital, requiring ministry officials stationed in Sejong to travel back and forth to Seoul often.

Talk of completing the city as originally envisioned has resurfaced in recent months amid soaring home prices in Seoul.

The ruling party, sensing negative public sentiment toward the liberal administration over its housing policies, is pushing to revive the failed capital relocation plan to curb overcrowding in the capital area.

Much of the opposition party has opposed to the plan, calling it a mere trick to boost popularity and calm public outcry over the government‘s failing policies. But some lawmakers representing Chungcheong provinces have raised the need to hold discussions in regards to the ruling party’s plan.

Party Chairman Lee had earlier suggested holding a national referendum on the matter to coincide with the next presidential election in March 2022, if his party failed to reach an agreement with opposition parties to enact a special law enabling the Blue House and the National Assembly to relocate to Sejong.

Around half of the country’s population of 51.8 million people lives in Seoul and the surrounding metropolitan area, which account for 11 percent of the nation’s total land area.

By Ko Jun-tae (ko.juntae@heraldcorp.com)