Ministry of the Interior and Safety Discusses First 'Regional Balanced New Deal Promotion Strategy' of the Year... "2022 is the Period for Achieving Tangible Results"

Expansion of Regional Balanced New Deal Fiscal Investment Scale, Activation of New Deal Fund Regional Investment
Discussion on Promotion Plan to Support Full-Scale Projects This Year

[Asia Economy Reporter Lim Cheol-young] The Ministry of the Interior and Safety announced on the 9th that it held the 6th Regional Balanced New Deal Subcommittee meeting via video conference with related ministries and 17 cities and provinces nationwide.

This meeting was organized to discuss the direction of the Korean New Deal and Regional Balanced New Deal, marking the first subcommittee meeting of this year. Since the announcement of the 'Regional Balanced New Deal Promotion Plan' in October 2020, the Ministry of the Interior and Safety has held five Regional Balanced New Deal subcommittee meetings by September last year to review and discuss the progress of the Regional Balanced New Deal.

To strengthen cooperation between the government and local governments, the meeting was attended by Minister Jeon Hae-cheol of the Ministry of the Interior and Safety, officials from related ministries including the Ministry of Science and ICT and the Ministry of Environment, as well as representatives from 17 cities and provinces. The Korea Development Bank, which operates policy-type New Deal funds, also participated. At this meeting, the achievements of each Korean New Deal subcommittee and the 2022 implementation plan, the 2022 policy-type fund regional investment activation plan, and the 2022 Regional Balanced New Deal promotion plan were presented, and opinions from each ministry and local government were heard.

At this meeting, the Ministry of Science and ICT and the Ministry of Environment reported on the ‘Achievements of each Korean New Deal subcommittee and the 2022 implementation plan.’ The Ministry of Science and ICT and the Ministry of Environment have been overseeing the Digital New Deal and Green New Deal respectively since the announcement of the ‘Korean New Deal Comprehensive Plan’ in July 2020. Through this presentation, they promoted the achievements of each subcommittee so far and shared the 2022 implementation plan to continuously generate results with local governments.

Next, the Korea Development Bank presented the ‘2022 policy-type fund regional investment activation plan,’ and Gyeongsangnam-do shared a ‘Case of securing New Deal fund regional investment.’ The Financial Services Commission and Korea Development Bank are currently establishing and operating policy-type New Deal funds investing a total of 20 trillion KRW over five years in the digital and green New Deal sectors. This year, they plan to raise funds targeting 4 trillion KRW, and especially by expanding the regional investment specialized fund (Regional Balanced New Deal), they aim to contribute to the activation of regional investment.

Gyeongsangnam-do is making various efforts to secure investment from policy-type funds. Through the formation and operation of the ‘Gyeongnam New Deal Enterprise Support Working Council,’ they are discovering investment-attracting companies and providing consultation for financial investment, while holding their own investment briefing sessions to create meaningful investment outcomes.

The Ministry of the Interior and Safety announced that based on last year’s achievements, it has prepared the ‘2022 Regional Balanced New Deal Promotion Plan’ to create substantial and continuous results for projects promoted in the regions. The ‘2023 government budget proposal’ aims to continuously expand the scale of fiscal investment in the Regional Balanced New Deal to accelerate the regional spread of the Korean New Deal. In particular, through joint ministry consultations to specify projects, they plan to ensure national funding support for Regional Balanced New Deal projects that reflect creative ideas from the regions.

Minister Jeon Hae-cheol said, “If 2021 was the year to lay the foundation for the Regional Balanced New Deal, 2022 is the time to achieve tangible results through New Deal projects promoted in each region,” adding, “Since many projects will be actively promoted this year, we will cooperate to prevent any setbacks at project sites and support the continuous discovery and promotion of excellent regional projects.”

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