'Korea's Largest' Haenam Sollasido Solar Power Complex and Other Budget Support for Next Year

Vice Minister of Economy and Finance to Hold Budget Consultation Meeting for Gwangju, Jeolla, and Jeju Regions on the 4th

Ando-geol, 2nd Vice Minister of the Ministry of Economy and Finance. (Photo by Yonhap News)

[Sejong=Asia Economy Reporter Moon Chaeseok] The government announced plans to allocate next year's budget to solar power projects in Haenam-gun, Jeollanam-do, home to the country's largest 'Solar City solar power generation complex.'

On the 4th, Ando-geol, Vice Minister of Strategy and Finance, held a budget consultation meeting for the Gwangju, Jeolla, and Jeju regions at the Jeonnam Provincial Office to discuss these matters.

At the consultation, Gwangju, Jeonbuk, Jeonnam, and Jeju proposed key local issues requiring national treasury support for next year. The government plans to focus support on projects linked to national balanced development, including Haenam solar power, the AI-centered industrial cluster in Gwangju, and the Saemangeum International Airport in Jeollabuk-do.

A panoramic view of the solar panels at the 'Solar City Solar Power Generation Facility Complex' in Guseong-ri, Sanim-myeon, Haenam-gun, Jeollanam-do. (Photo by Korea Energy Information & Culture Foundation)

On the same day, Vice Minister Ando visited the Haenam Solar City solar power facility to discuss related policies and investment status. He announced plans to invest 78.5 billion KRW in solar power research and development (R&D), 313.3 billion KRW in new and renewable energy dissemination support, 534 billion KRW in new and renewable energy financial support, and 37 billion KRW in the Green Innovation Financial Loan Project to share profits with local residents.

Source=Ministry of Economy and Finance

Vice Minister Ando emphasized that the second phase of fiscal decentralization focuses on expanding the financial resources of basic local governments, as they are considered financially weaker than metropolitan governments. Specifically, plans include ▲adjusting the local consumption tax increase of 1.3 trillion KRW by 2023 to a '60 (basic):40 (metropolitan)' distribution including adjustment grants ▲raising the national treasury subsidy rate for basic local government welfare projects such as basic pensions by 2-5% (reducing costs by 20 billion KRW) ▲and expanding the share of local allocation tax distributed to basic local governments beyond the current level of about 72%.

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