Gangwon-do Secures Record High National Budget of 8.7758 Trillion Won Next Year for 'First Year of Special Self-Governing Province'

763.3 Billion KRW (9.5%) Increase Compared to This Year's Government Budget Plan
Major Projects Expected to Gain Momentum with Secured National Funding

Gangwon Provincial Government

[Asia Economy Reporter Ra Young-cheol] Gangwon Province, ahead of the inaugural year of Gangwon Special Self-Governing Province next year, secured the largest-ever national budget in history for 2023.

On the afternoon of the 30th, Jeong Gwang-yeol, Deputy Governor for Economy of Gangwon Province, held a press conference and stated, "The 2023 government budget proposal to be submitted to the National Assembly on the 2nd of next month includes 8.7758 trillion KRW in national funds related to the province."

The amount secured in this government budget is 763.3 billion KRW (9.5%) more than the 8.0125 trillion KRW reflected in this year's government budget for Gangwon Province, and 658.1 billion KRW (8.1%) higher than the 8.1177 trillion KRW finalized by the National Assembly.

The province expects the final amount of national funds secured to increase further considering possible increases or new inclusions during the National Assembly's review process and competitive projects to be decided next year.

Looking at the 2023 national fund allocation by sector, the economic sector increased by 154.7 billion KRW from the previous year to 877.7 billion KRW.

These include ▲e-mobility hub city development project 13.3 billion KRW ▲hydrogen energy hub city creation project 2.5 billion KRW ▲data industry capital development project 10 billion KRW ▲metaverse hub city creation project 7 billion KRW ▲local government-university cooperation-based Regional Innovation System (RIS) project 30 billion KRW ▲sanctification project for the memorial tower of fallen industrial workers 1.5 billion KRW, among others.

The SOC (Social Overhead Capital) sector saw an increase of 97.1 billion KRW from the previous year, totaling 1.7302 trillion KRW.

Railroad projects include ▲Chuncheon~Sokcho railway 206.8 billion KRW ▲Gangneung~Jejin railway 282.8 billion KRW ▲Yeoju~Wonju railway 79.5 billion KRW ▲Wonju~Jecheon railway 12.4 billion KRW ▲Pohang~Samcheok railway construction costs 23.2 billion KRW, etc.

Road projects secured ▲Second Gyeongchun National Road 76.6 billion KRW and 14 other national road projects totaling 246.3 billion KRW ▲five national local road projects and East-West Green Peace Road construction 12.4 billion KRW ▲hazardous road improvement projects and road maintenance costs totaling 447.2 billion KRW.

In port projects, a total of 404.1 billion KRW was allocated, including Donghae New Port development and port traffic facilities 36.1 billion KRW, national fishing port development 20.9 billion KRW, and coastal maintenance 19.4 billion KRW.

The welfare and health sector secured 2.4736 trillion KRW, an increase of 409.4 billion KRW from the previous year.

These include ▲basic pension 922.1 billion KRW ▲medical benefits 313 billion KRW ▲parental allowance 47.2 billion KRW ▲Gangwon National Cemetery and Gangwon Liberation Memorial Hall construction project 900 million KRW ▲child allowance 64.3 billion KRW ▲housing benefits 63.7 billion KRW, among others.

The culture, tourism, and sports sector secured 280.3 billion KRW.

These include ▲'Olympic Cultural Program Operation' for the successful hosting of the 2024 Gangwon Youth Olympics 5.1 billion KRW ▲feasibility study for Pyeongchang Winter Sports Science Center construction 300 million KRW ▲feasibility study for Taebaek Athletes' Village multipurpose gymnasium construction 300 million KRW ▲Winter Olympic area Olympic legacy utilization international tourism city development project 5.1 billion KRW ▲Seorak-dong New Startup promotion project 3.4 billion KRW, etc.

The agriculture, forestry, marine, and environment sector secured 1.1906 trillion KRW, an increase of 40.3 billion KRW from the previous year.

These include ▲natural material full-cycle standardization support hub establishment project 500 million KRW ▲green economy creation project utilizing forest resources 6.6 billion KRW ▲Gangwon northern region smart farm hub city creation project 7 billion KRW ▲salmon smart aquaculture cluster creation project 8.5 billion KRW, among others.

The safety, general administration, and other sectors secured 2.2234 trillion KRW, an increase of 69.9 billion KRW from the previous year.

Major items include ▲Taebaek correctional facility new construction 4.2 billion KRW ▲firefighter mental and physical training center construction 1.3 billion KRW ▲Sokcho branch new construction 9.2 billion KRW ▲Wonju prison relocation 10.5 billion KRW ▲Chuncheon juvenile detention center reconstruction 7.6 billion KRW ▲1st Army headquarters relocation 92.7 billion KRW, etc.

With most of the key projects of the 8th elected administration reflected in the 2023 government budget proposal, there is an expectation that Governor Kim Jin-tae's key projects for Gangwon Province will gain momentum.

Meanwhile, the province plans to switch to a National Assembly response system once the government budget proposal is submitted to the National Assembly on September 2, and will work closely to supplement procedures and logic to ensure that insufficiently funded or unreflected key projects are included or increased.

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