[2022 National Audit] Smart Green Industrial Complex Budget Cut by 85 Billion Won Next Year

Assemblyman Kim Jeong-ho "Budget Increase Needed for Digital Transformation and Carbon Neutrality of Key Industries by Region"

[Asia Economy Reporter Kim Cheol-hyun] Concerns have been raised over the budget cuts to the Smart Green Industrial Complex project managed by the Korea Industrial Complex Corporation. The Smart Green Industrial Complex initiative promotes the digital, low-carbon, and eco-friendly transformation of industrial complex companies and infrastructure, and is considered a key policy project for revitalizing the regional economy.

Kim Jeong-ho, a member of the National Assembly's Industry, Trade, Small and Medium Enterprises Committee from the Democratic Party of Korea, stated at the Korea Industrial Complex Corporation's national audit held on the 14th that the 2023 government proposal cut the Smart Green Industrial Complex budget from the ministry's requested 251.2 billion KRW to 166.2 billion KRW, reflecting a reduction of 85 billion KRW.

The Smart Green Industrial Complex project, launched in 2019, is a cross-ministerial collaboration aimed at transforming industrial complexes into regionally led innovation hubs. Starting with the selection of Banwol-Sihwa and Changwon industrial complexes as pilot sites, it has now expanded to 15 industrial complexes.

Kim explained that the Yoon Seok-yeol administration also included the expansion of Smart Green Industrial Complexes, transition to carbon-neutral industrial complexes, remodeling of aging industrial complexes, and creation of cultural and leisure spaces in its 110 national tasks, but the Ministry of Economy and Finance significantly cut the budget.

Looking at the budget cuts by regional industrial complexes, Banwol-Sihwa Industrial Complex was reduced by 7.5 billion KRW, Namdong Industrial Complex by 7 billion KRW, Gumi Industrial Complex by 4 billion KRW, Yeosu Industrial Complex by 4.5 billion KRW, Busan Industrial Complex by 4.5 billion KRW, Ulsan Industrial Complex by 4.5 billion KRW, Gunsan Industrial Complex by 4.5 billion KRW, Cheongju Industrial Complex by 4.5 billion KRW, and Daebul Industrial Complex by 4.5 billion KRW, in that order.

Kim emphasized, "Industrial complexes play a pivotal role not only in the national economy but also as a forward base for regional economic revitalization and manufacturing innovation. It is necessary to strengthen the competitiveness of aging industrial complexes through active support for the Smart Green Industrial Complex project."

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