Daegu City Secures 3.4756 Trillion Won in National Budget for Next Year... Largest Ever

Increased by 175.5 billion KRW compared to government proposal... 10.09% larger than previous year

On the 2nd, the 2021 budget bill amounting to 558 trillion won (an increase of 2.2 trillion won compared to the government's proposal) was passed at the National Assembly plenary session. [Image source=Yonhap News]

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] Daegu City announced on the 3rd that it secured a record-high budget of 3.4756 trillion KRW (excluding recurring welfare expenses and local grants), which is 175.5 billion KRW more than the government's proposal of 3.3001 trillion KRW during the National Assembly review on the 2nd for the 2021 government budget.

This amount is 342.6 billion KRW (10.09%) higher than the previous year's national budget allocation of 3.133 trillion KRW, and new projects secured 176.4 billion KRW (73 projects), an increase of 14.7% compared to the previous year.

Daegu City evaluated this achievement as the result of an all-out effort to secure national funds in various ways despite difficult circumstances at the beginning of the year, establishing a foundation to stably promote key projects that will become the city's future growth engines and laying the groundwork for entering the 4 trillion KRW national budget era in the future.

Major secured projects include the establishment of a Daegu-Gyeongbuk infectious disease specialized hospital for rapid response to infectious diseases such as COVID-19 (total project cost 40.9 billion KRW), the construction of the National Youth Career and Vocational Experience Training Center (total project cost 53.7 billion KRW), which was delayed despite passing the preliminary feasibility study in 2017, and fostering the core parts industry for electric-powered vehicles e-DS (total project cost 20 billion KRW).

On the other hand, projects that Daegu City focused on for national budget inclusion, such as the construction of smart parking infrastructure in the 3rd Industrial Complex and Seodaegu Industrial Complex included in this year's Ministry of Land, Infrastructure and Transport's industrial complex remodeling unit projects, the construction of connecting roads from Kumho Waterpolis to the northwest industrial cluster, and from Kumho Waterpolis to the northeast industrial cluster, were not reflected in this year's budget either.

Daegu Mayor Kwon Young-jin welcomed the news, saying, "With the inclusion of essential and substantial projects in next year's government budget in Daegu's core business areas such as 5+1 future new growth industries, regional flagship industry advancement, and future urban spatial innovation, aimed at daily recovery and economic leap under With-Corona, we expect Daegu's new leap forward to gain momentum."

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