Gyeongbuk Province Prepares 12.0821 Trillion Won Budget for Next Year... 7.4% Increase from This Year

Gyeongbuk Provincial Government Office.

[Asia Economy Yeongnam Reporting Headquarters Reporter Koo Dae-sun] Gyeongbuk Province finalized the preliminary budget for next year at 12.0821 trillion won on the 10th and submitted it to the Provincial Council.

The scale of Gyeongbuk Province's budget for next year increased by 829.4 billion won (7.4%) compared to this year's initial budget of 11.2527 trillion won, consisting of 10.5111 trillion won in the general account and 1.571 trillion won in the special account.

Gyeongbuk Province stated that the budget was allocated with priority given to four major focus tasks: creating education jobs and industrial infrastructure that attract youth, technology-centered agricultural transformation, establishing a zero parental burden complete care system, and stabilizing livelihoods and ensuring residents' safety.

The main uses of next year's budget include investing 149.5 billion won in fostering the 4th industrial revolution and attracting corporate investment, 66.1 billion won in leading projects for the 4th industrial revolution era, 83.4 billion won in creating a foundation for corporate growth, and 531.5 billion won in supporting small and medium enterprises and small business owners, jobs, and technology-centered agricultural transformation.

In addition, 196.1 billion won will be spent on realizing the Gyeongbuk cultural, arts, and tourism renaissance, and 4.8856 trillion won will be invested in responsible welfare that ensures everyone’s peace of mind, including zero childcare burden, protection of socially vulnerable groups, and projects to create a safe Gyeongbuk.

Governor Lee Cheol-woo of Gyeongbuk said, “Although revenue conditions have improved due to an increase in local consumption tax and local allocation tax resulting from increased government domestic taxes, economic uncertainties due to high inflation and high interest rates will persist next year. Therefore, while maintaining the government's sound fiscal policy, we prioritized urgent projects among provincial administration issues, including some fiscal investments for stabilizing livelihoods and preemptive disaster response.”

The 2023 budget bill submitted by Gyeongbuk Province to the Provincial Council is scheduled to be finalized on December 12 after deliberations by the council’s standing committee and the budget and accounts committee.

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