Gangwon-do, First Supplementary Budget of 7.5513 Trillion Won This Year... "A Catalyst for Swift Return to Normal Life"

Focused Investment on Daily Recovery, Employment Stability, and Resident Safety

Gangwon Provincial Government [Asia Economy DB]

[Asia Economy Reporter Ra Young-cheol] Gangwon Province has prepared the first supplementary budget for 2022 at 7.5513 trillion won, an increase of 435.2 billion won from the original budget (7.1161 trillion won), and submitted it to the Provincial Council on the 25th.

According to the province, the first supplementary budget focuses on investments to strengthen regional industrial competitiveness, strategic future innovation, employment stability and job creation, and improving the safety and quality of life of residents from various disasters.

To revitalize the regional economy and prepare for the post-COVID-19 era, the budget includes 10.1 billion won for supporting the issuance of local love gift certificates, 9.7 billion won for expansion and maintenance of local roads, 190 million won for special financial support for wildfires in the East Coast area, and 35.7 billion won for living support for COVID-19 hospitalized and isolated individuals, totaling 101.3 billion won for restoring everyday economic life.

For subsidies to companies relocating from the metropolitan area and other provinces, 10 billion won is allocated; 1.1 billion won for fostering tourism industry in mining-closed areas; 700 million won for nurturing online star companies; and 7.9 billion won for establishing region-specific rental-type smart farms, totaling 52.1 billion won to strengthen regional industrial competitiveness.

Strategic future innovation investments include 6.9 billion won for building a hydrogen transportation complex base, 1.5 billion won for a digital-based safety management system for aging and hazardous facilities, 2 billion won for creating a smart forest bio innovation growth hub, and 390 million won for fostering Gangwon Bio star companies, totaling 46.8 billion won.

To boost the 2024 Winter Youth Olympic Games, 1 billion won is allocated for the G-500 day commemorative project, 1.02 billion won for cultural events, and 2 billion won for the Olympic Memorial Hall heritage creation project, investing a total of 5.2 billion won in Winter Olympic-related momentum and facility investments.

For strengthening the employment market and job creation, 5 billion won is allocated for employment creation and retention fund support, 890 million won for COVID-19 hospital nursing staff support, 680 million won for local quarantine job projects, and 220 million won for youth nurse retention incentives, totaling 23.2 billion won.

For support of self-test kits for vulnerable groups, 2.9 billion won; 5 billion won for small business and small merchant quarantine activity support; 3.5 billion won for reinforcing multipurpose firefighting helicopters; 100 million won for purchasing wildfire command vehicles; 4.7 billion won for creating fine dust blocking forests; and 27.6 billion won for developing rural living water, totaling 114.1 billion won.

Urgent essential projects include 5 billion won for the Gangwon Province new government building construction fund, 3 billion won for establishing an agricultural seed stock farm, 4 billion won for supporting Gangwon FC operations, and 100 million won for the truth investigation project for fishermen abducted to the North and returned, totaling 92.5 billion won.

Governor Choi Moon-soon said, "This supplementary budget is a catalyst budget to revitalize the regional economy, which has been contracted due to COVID-19, and to quickly return to daily life. We also plan to promote expanding revenue bases and restructuring internal projects to restore fiscal soundness."

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