President Moon: "Over 75 Trillion Won of Korean New Deal Budget to Be Invested in Regional Projects" (Comprehensive)

Cheong Wa Dae Hosts 2nd Korea New Deal Strategy Meeting with Governors of 17 Cities and Provinces... "Adding Regional Balance as a Core Pillar of the Korea New Deal"

[Asia Economy Reporter Ryu Jung-min] President Moon Jae-in stated, "We are adding 'Regional Balanced New Deal' as a core pillar of the Korean New Deal," and explained, "This means shifting the axis of national development to focus on regions."

In particular, President Moon emphasized, "Out of the total investment scale of 160 trillion won in the comprehensive Korean New Deal plan, more than half, over 75 trillion won, is allocated to regional-level projects."

On the 13th, President Moon held the '2nd Korean New Deal Strategy Meeting' at the Blue House State Guest House, inviting governors from all 17 cities and provinces nationwide, and made these remarks. This was the first time since the Korean New Deal concept was announced that key figures from the ruling party, government, and Blue House, as well as governors, gathered in one place.

[Image source=Yonhap News]

Regarding the addition of the Regional Balanced New Deal, President Moon said, "It reflects the government's strong will to dynamically transform the Republic of Korea starting from the regions."

He stated that the Regional Balanced New Deal will create a creative development model and emphasized, "Promoting the 'Regional Balanced New Deal' through super-regional clusters is also a good way to enhance competitiveness." He also added that special attention and support will be spared for the super-regional cluster Regional Balanced New Deal.

Furthermore, he predicted that the Regional Balanced New Deal will enhance the completeness of balanced development by linking with existing national balanced policies. President Moon pledged, "Innovation cities will become hubs for the Regional Balanced New Deal," and "We will actively provide incentives for Regional Balanced New Deal projects."

The government and metropolitan local governments also unveiled their regional New Deal blueprints. Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki introduced the government's blueprint through the 'Plan to Promote Regional Balanced New Deal Together with Regions.' Support will be provided to local governments that implement projects suited to regional characteristics through local allocation tax and support for excess issuance of local bonds, and regional companies will be supported using New Deal funds.

Additionally, plans were revealed regarding the expansion of designation of regulatory free zones related to the Digital and Green New Deals, discovery of leading projects utilizing the capabilities of public institutions, and the concept of making innovation cities and urban convergence special zones hubs for the Regional Balanced New Deal.

[Image source=Yonhap News]

Metropolitan governors classified as potential presidential candidates from both ruling and opposition parties, such as Lee Jae-myung of Gyeonggi Province, Kim Kyung-soo of Gyeongsangnam Province, and Won Hee-ryong of Jeju Province, attracted attention by introducing New Deal cases tailored to regional characteristics at the event.

The event was attended by Deputy Prime Minister Hong Nam-ki and ministers from the Ministry of Science and ICT, Ministry of the Interior and Safety, Ministry of Environment, Ministry of Employment and Labor, and Ministry of SMEs and Startups.

From the Democratic Party of Korea, Floor Leader Kim Tae-nyeon, Policy Committee Chair Han Jeong-ae, and Lee Kwang-jae, General Director of the K-New Deal Promotion Committee, also participated.

President Moon said, "Today marks the first step of the Regional Balanced New Deal. Now, the Regional Balanced New Deal has become the fundamental spirit of the Korean New Deal and stands at the center of national balanced development," and urged, "I hope the central government, local governments, and the private sector will unite and push forward vigorously and with speed."

This content was produced with the assistance of AI translation services.