Jeonnam Province Secures 1.3365 Trillion Won in SOC National Treasury Budget

Over 1 Trillion Won for 5 Consecutive Years... Expectations for Regional Economic Revitalization

[Muan=Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Jeonnam Province announced on the 14th that it secured 1.3365 trillion won in national treasury budget for social overhead capital (SOC) infrastructure next year.

Since 2017, it has achieved over 1 trillion won in national treasury SOC budget for five consecutive years, raising expectations for regional economic revitalization.

Next year's SOC budget increased by 43.1 billion won, or 3.3%, compared to this year's 1.2934 trillion won.

This result came from the full efforts of Jeonnam Governor Kim Young-rok, along with the vice governor and directors, who continuously visited the Ministry of Land, Infrastructure and Transport, Ministry of Strategy and Finance, local lawmakers, and the National Assembly Budget Policy Consultation to persuade them.

The major SOC projects reflected in next year's budget include the electrification project of the Gyeongjeon Line (Gwangju Songjeong~Suncheon), which was increased by 11 billion won from the original government proposal of 18.7 billion won to 29.7 billion won.

Accordingly, the Ministry of Land, Infrastructure and Transport plans to promptly proceed with the construction in the first half of next year, including the turnkey order for the Boseong~Suncheon section after the basic plan is announced.

Also, 254.2 billion won was secured for the remaining project costs of the Namhae Coastal Railway connecting Mokpo and Boseong. Once electrification is completed in 2022, travel time between Mokpo and Busan will be drastically reduced from 6 hours 33 minutes to about 2 hours 20 minutes, and between Gwangju and Busan from 5 hours 30 minutes to about 2 hours 30 minutes.

Additionally, 400 million won was secured for safety evaluation and feasibility study costs for installing wings (pedestrian paths) on the Cheonsa Bridge.

Until now, the Ministry of Land, Infrastructure and Transport had taken the position that adding pedestrian paths to Cheonsa Bridge was difficult due to safety issues, but after the province's persuasion, the budget was increased during the National Assembly review stage.

Securing a passage on Cheonsa Bridge for pedestrians and bicycles is expected to create tourism demand and give a boost to regional tourism development.

Along with this, the detailed design and construction cost for extending the runway at Muan International Airport was confirmed at 4 billion won, double the government proposal. Early completion will prepare for the post-COVID-19 era and lay the foundation for diversifying routes to Europe and the Americas.

Also, 424 billion won was secured for the early completion of the second phase of the Honam High-Speed Railway (Gwangju Songjeong~Mokpo) passing through Muan International Airport, which is expected to further strengthen the activation base of Muan International Airport as a hub airport in the southwest region.

Furthermore, 226.1 billion won was allocated for the Gwangju~Wando (Phase 1) highway project; 240.1 billion won for projects including Aphae~Hwawon, Hwatae~Baekya, Beolgyo~Juam, Dongmyeon~Juam, Aphae~Songgong, Seokgok IC~Gyeommyeon; and 2 billion won for the Gwangju Hanam~Jangseong Samgye metropolitan road project, establishing a foundation to timely expand the national core transportation network and boost regional economic vitality.

Jeon Dong-ho, Director of the Construction and Transportation Bureau of Jeonnam Province, said, “It is necessary to actively promote SOC projects with significant economic ripple effects to prepare for the increasingly declining population and overcome regional stagnation. Next year, ongoing projects will be completed within the planned period, and new SOC issues will be fully reflected in mid- to long-term national and regional plans.”

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