Yeosu City to Rapidly Execute 318.2 Billion Won in First Half... Driving Regional Vitality

Focus on Consumption and Investment to Revitalize Local Economy Frozen by COVID-19

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] Yeosu City (Mayor Kwon Oh-bong) announced on the 9th that it plans to promptly execute 318.2 billion KRW of local finances in the first half of this year to revitalize the local economy.

According to the city, to overcome the current situation of prolonged economic recession caused by weakened consumer sentiment due to the prolonged COVID-19 pandemic, 60.5% of the prompt execution target amount of 526 billion KRW, or 318.2 billion KRW, will be focused on execution in the first half of the year.

To this end, a local finance prompt execution emergency task force led by Vice Mayor Seo Eun-su will be formed to encourage continuous execution and conduct inspections to facilitate smooth local financial execution.

During the first half of the year, entrusted project funds will be disbursed, consumables and equipment will be pre-purchased, and small-scale investment projects will be ordered early.

Advance payments will be expanded up to 80%, and institutional support such as temporary expansion of the amount for private contracts will be actively implemented so that local residents can feel the economic revitalization.

In particular, large-scale investment projects that require time for project promotion will be intensively managed to start construction and be completed early within the first half of the year, becoming a driving force for local economic growth.

Mayor Kwon Oh-bong of Yeosu said, “To inject vitality into the local economy weakened by the prolonged COVID-19 pandemic, proactive and preemptive responses are necessary,” adding, “We will focus on executing projects that have significant economic ripple effects and are closely related to daily life to provide practical help to local small and medium-sized enterprises and small business owners.”

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