How Will the 'Gyeongnam-type New Deal' Progress This Year? ... 38 Projects, Budget of 2.2835 Trillion Won, 20,000 New Jobs Created

166 Projects and 20.02 Trillion KRW Invested by 2025

Including Development of Western Gyeongnam, New Government's Gyeongnam Strategic Tasks, and National Funding 확보

Gyeongsangnam-do Provincial Government.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Gyeongsangnam-do has confirmed and will implement the Gyeongnam-type New Deal project promotion plan again this year.

This year's Gyeongnam-type New Deal project includes the Western Gyeongnam development strategy, new government Gyeongsangnam-do strategic tasks, and new national budget projects for 2023.

The province has prepared a promotion plan aiming to invest 20 trillion KRW in 166 projects by 2025 to create about 143,000 jobs.

This represents an increase of 38 projects and 2.2835 trillion KRW in investment compared to the previous plan, with about 20,000 more jobs created.

Gyeongsangnam-do stated that it has significantly reflected youth policies added in the Korean New Deal 2.0 announced by the government last year, such as ‘Gyeongnam Sangsaeng Gongje’, ‘Youth Tomorrow Savings Account’, and ‘Youth Job Platform (Friends) Operation’, in the social New Deal sector.

The Youth Tomorrow Savings Account project is designed to support youth asset formation and independence. Working youth who save 100,000 KRW monthly in the account will receive up to 300,000 KRW monthly from the government and local governments, resulting in a maturity amount of 7.2 million to 14.4 million KRW after three years.

In the smart New Deal sector, projects related to fostering hyper-connected new industries, such as ‘5G-based Manufacturing Metaverse Construction’ and ‘Region-specific Cultural Content Metaverse’, have been added.

The 5G-based Manufacturing Metaverse Construction project aims to secure the future competitiveness of manufacturing by integrating extended virtual worlds (metaverse) into Gyeongnam’s key industries such as shipbuilding, automobile, aviation, and machinery industries, and promoting workforce training and technology development in virtual spaces.

In the green New Deal sector, projects such as ‘Hydrogen Turbine-based Test Research Power Plant Construction’ and ‘Reusable Container Usage Culture Expansion Project linked with Environment Love Gift Certificates’ have been added.

The Reusable Container Usage Culture Expansion Project offers a 20% discount benefit to customers using reusable containers to reduce single-use products and establish an eco-friendly consumption culture.

A total of 52 projects from the Western Gyeongnam development strategy tasks, new government Gyeongsangnam-do strategic tasks, and 2023 national budget new projects have been added to this year’s promotion plan.

The Western Gyeongnam development strategy tasks include 14 projects such as ‘Introduction of 1-hour express train between Jinju and Ulsan’, ‘Elastic Material Cluster Construction’, and ‘e-Commerce Smart Logistics Complex Development’.

Regarding the new government Gyeongsangnam-do strategic tasks, 9 projects including ‘Gyeongnam Space Industry Cluster Construction’ and ‘CO2 Capture, Utilization, and Storage (CCUS) Technology Demonstration Project’ are included.

Additionally, 9 new national budget projects for 2023 such as ‘Smart Elevator Demonstration Platform Construction’, ‘Digital Innovation Town Development’, and ‘Carbon Neutral Green City Pilot City Operation’ have been added to prepare for next year’s national budget acquisition.

Last year, the province established a New Deal Promotion Team with 12 members, held a ‘Regional Balanced New Deal Tour’ event attended by the president, implemented a 100 billion KRW scale New Deal corporate agreement loan and special guarantee to foster New Deal industries in the province, and signed an agreement to create a 120 billion KRW Southeast region New Deal venture fund, thereby implementing the Gyeongnam-type New Deal project.

This year, the province plans to support 1 billion KRW in provincial funds by soliciting excellent Gyeongnam-type New Deal projects from cities and counties and selecting representative projects, while discovering or excluding alternative projects for last year’s New Deal projects that became difficult to promote due to failure in preliminary feasibility studies or changes in central government plans, thereby enhancing execution capability.

Ha Jongmok, Director of Planning and Coordination Office, said, “We have added projects aligned with the Gyeongnam-type New Deal among the key projects of each department to increase connectivity with major plans. We will strive to secure national funding for individual projects and do our best to ensure that the Gyeongnam-type New Deal faithfully plays a role in creating the future of Gyeongnam.”

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