Incheon City Expects Record High National Budget Exceeding 50 Trillion Won Next Year... Positive Signal for Resolving Current Issues

Secured 4.964 Trillion KRW in 2023 National Treasury Subsidies
Design Costs for GTX-B Line and Construction Costs for Incheon Departure KTX, etc.

Incheon City Hall

[Asia Economy Reporter Park Hyesook] Incheon City has secured approximately 516 billion KRW more in national funds for next year compared to this year, giving momentum to the fulfillment of the 8th term mayoral pledges and the resolution of major pending issues.

According to an analysis of the 2023 government budget proposal submitted to the National Assembly, Incheon City announced on the 2nd that the reflected amount of next year's national subsidies is estimated at 4.964 trillion KRW. Adding the general local allocation tax expected to be secured later, it is anticipated to be the largest scale ever, exceeding 5 trillion KRW.

This amount significantly surpasses the city's initial target of 4.5 trillion KRW for next year's national subsidies and is 516 billion KRW (11.6%) higher than the 4.448 trillion KRW secured this year.

The major national fund-supported projects reflected in next year's government budget proposal include ▲954 billion KRW for the Seoul Subway Line 7 Cheongna extension construction ▲63.2 billion KRW for the Incheon-origin KTX construction ▲38.4 billion KRW for GTX-B line design ▲28.2 billion KRW for the construction of the National Incheon Maritime Museum ▲18 billion KRW for the Yeongjong?Ganghwa road construction ▲10 billion KRW for the Gyeyang?Ganghwa highway design ▲2.2 billion KRW for the Jemulpo Digital Talent Development Demonstration establishment, among others.

The city plans to cooperate with local National Assembly members to ensure that items not included in the government budget proposal, such as ▲64.2 billion KRW for the purchase of Camp Market park and road sites ▲2.3 billion KRW for the establishment of a metropolitan infectious disease specialized hospital ▲6.5 billion KRW for the establishment of a bio-pharmaceutical raw material commercialization support center, are reflected during the budget review process.

Mayor Yoo Jeong-bok stated, "Despite the difficult conditions due to the central government's fiscal tightening policy, we have achieved meaningful results," and added, "We will do our utmost until the end to secure national funds for the implementation of key pledges such as 'Jemulpo Renaissance' and the resolution of pending issues."

Meanwhile, Incheon City's national fund secured (excluding general local allocation tax) has been sharply increasing every year.

From 3.0815 trillion KRW in 2019, 3.7001 trillion KRW in 2020, 4.0412 trillion KRW in 2021, 4.448 trillion KRW this year, to 4.964 trillion KRW (government proposal basis) next year, the national funds have increased by 1.8825 trillion KRW (61.1%) over the past five years, with an average annual growth rate of 12.7%.

Incheon City expects that the amount of national funds secured next year will increase further if additional appropriations by the National Assembly and selections for various public projects are made beyond the national funds reflected in this government proposal.

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