Chungnam Province "All Efforts to Create Jobs and Future Growth Engines"

Kim Yong-chan, Deputy Governor of Chungnam Provincial Government, held a press conference at the provincial government press center on the 8th, announcing the "2020 Economic Quarantine Achievements to Overcome the COVID-19 Economic Crisis and the 2021 Economic Operation Direction." Photo by Chungnam Province

[Asia Economy Reporter Moon Hyewon] Chungcheongnam-do Province will actively pursue a new economic strategy at the local government level next year in response to the inauguration of the Biden administration in the United States. The focus is on supporting the transition to eco-friendly energy, strengthening related research and development (R&D) capabilities, expanding climate change leadership, leading carbon neutrality including coal phase-out, and supporting K-quarantine export.

On the 8th, Kim Yongchan, Vice Governor of Chungnam Province, held a press conference at the provincial government press center and announced the "2020 Economic Quarantine Achievements Overcoming the COVID-19 Economic Crisis and 2021 Economic Operation Direction" containing these details. The province will first strengthen the R&D capabilities of local companies in the eco-friendly energy sector by supporting R&D projects for the localization of energy industry materials and components in response to the Biden administration’s policy to expand eco-friendly investments.

Regarding the Biden administration’s rejoining of the Paris Climate Agreement and its commitment to funding the Green Climate Fund (GCF), the province will respond by strengthening carbon neutrality and climate change leadership.

They will actively participate in the activities of the "Carbon Neutral Local Government Practice Alliance" and promote greenhouse gas reduction starting from the energy and industrial sectors with high emissions.

Climate change leadership will be expanded and strengthened through ▲ continuous hosting of international conferences on coal phase-out and climate crisis response ▲ ongoing international cooperation on climate change through the Under2 Coalition ▲ establishing joint cooperation systems for Green New Deal projects with foreign countries such as Denmark.

Regarding the Biden administration’s carbon border tax on high carbon-emitting countries and the suspension of fossil fuel subsidies, the province plans to rapidly promote corporate eco-friendly transition support and energy transition. Additionally, they will establish an RE100 (a voluntary campaign aiming for 100% renewable energy use by companies) industrial complex in Dangjin and pursue a regulatory free zone for electricity free trading. Support for exports to the U.S. will also be expanded for K-quarantine export companies such as diagnostic kit manufacturers in the province. In relation to U.S.-China conflicts, the province will minimize damage by sharing data and information with export SMEs in line with the response of relevant government ministries.

Vice Governor Kim said, "As of the end of October, Chungnam recorded $64.2 billion in exports, ranking second nationwide, and a trade surplus of $42.2 billion, ranking first nationwide, making it inevitably influenced by global economic trends. We will closely monitor changes in the global economic situation according to U.S. policies to turn the inauguration of the Biden administration into a new opportunity for Chungnam’s economy, and discover and promote new regional economic response tasks."

Meanwhile, the province announced the key economic promotion tasks for Chungnam next year as ▲ establishing an emergency local economic response and support system ▲ stimulating the economy and revitalizing startups through support for small business owners and SMEs ▲ maintaining employment and creating jobs for vulnerable groups ▲ boosting private investment and export vitality ▲ securing future growth engines post-COVID-19 ▲ responding to changes in consumption patterns and revitalizing private consumption.

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