Pohang City Drives Future New Industries and Resolves Long-standing Issues... Secures 1.2923 Trillion Won in National Investment Budget for Next Year!

Pohang City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Pohang City has secured a national investment budget of 1.2923 trillion KRW for 2023 despite difficult domestic and international economic conditions, revitalizing the local economy and expanding the foundation for future new growth industries while addressing long-standing regional projects.

The budget secured by the city increased by 138.6 billion KRW from the initial government proposal of 1.1537 trillion KRW, consisting of 55 new projects worth 170.6 billion KRW and 168 ongoing projects worth 1.1217 trillion KRW.

Although large-scale SOC projects are entering their final stages and the SOC sector decreased by 571.7 billion KRW compared to the previous year, securing 1.2923 trillion KRW in the SOC sector is a meaningful achievement indicating diversification in national fund discovery.

In particular, by discovering numerous new projects in advanced industrial fields for the next 100 years, it is expected to gain momentum in promoting key priority projects such as secondary batteries, hydrogen, and bio industries.

Amid the ongoing COVID-19 pandemic, global economic recession, and damage caused by Typhoon Hinnamnor, which have brought unprecedented difficulties, Mayor Lee Kang-deok of Pohang City continuously formed consensus and united efforts with National Assembly members Kim Jeong-jae and Kim Byeong-wook, as well as city and provincial council members, leading to the nation’s first designation as an industrial crisis preemptive response area.

After the government budget proposal was submitted to the National Assembly, Typhoon Hinnamnor occurred, and despite the industrial crisis preemptive response area designation being approved on October 31, making budget securing difficult, the city officials frequently visited relevant ministries, the Ministry of Economy and Finance, and members of the standing and budget committees to explain and persuade, ultimately securing six new industrial crisis-related projects worth 123.1 billion KRW (total project cost 181.7 billion KRW).

Since 2016, Pohang has been promoting the construction of Hangsa Dam following the Ministry of Land, Infrastructure and Transport’s introduction of the dam hope site application system, but due to factors such as the transfer of duties to the Ministry of Environment, the project was delayed. However, 2 billion KRW for the design cost of Hangsa Dam construction (total project cost 90 billion KRW) was secured.

Along with this, the rainwater pump station new and expansion projects and local river improvement and restoration projects will begin design services from next year, and the Hyeongsan River national river maintenance project plans to proceed with a preliminary feasibility study. The city intends to stepwise implement a roadmap for building a safe city, Pohang.

They also achieved securing 5 billion KRW for detailed design costs for the Yeongilman Bridge construction, a long-cherished project of the East Coast residents.

The Yeongilman Bridge construction project, a presidential pledge and a regional long-standing project, will be fully promoted from next year, expected to bring revolutionary development to transportation, logistics, and tourism in Pohang and the East Sea Rim region.

Looking at the 2023 national investment budget projects by sector, the SOC sector secured ▲2.821 trillion KRW for the Pohang-Yeongdeok Expressway construction (including Yeongilman Bridge) ▲34.4 billion KRW for electrification of the Donghae Central Line (Pohang-Donghae) ▲80.7 billion KRW for expansion of National Road No. 31 (Pohang-Andong) ▲10.2 billion KRW for construction of Pohang Yeongilman Port international passenger terminal, laying the foundation to leap forward as the center city of the East Sea Rim.

In the research and development sector, they secured ▲16.6 billion KRW for the electric vehicle used battery resource recycling cluster project ▲1 billion KRW for the hydrogen city creation project ▲300 million KRW for the establishment of an animal green bio-pharmaceutical industrialization hub, accelerating the fostering of new industries for regional industrial structure diversification.

In welfare, environment, and culture sectors, they secured ▲7.8 billion KRW for the Haksancheon ecological river restoration project ▲48 billion KRW for maintenance of sewage pipelines in nine areas ▲15.2 billion KRW for electric and hydrogen vehicle distribution ▲900 million KRW for the construction of the East Sea Rim marine complex exhibition center ▲4.5 billion KRW for the creation of Heunghae Public Library.

In agriculture, forestry, and fisheries sectors, they secured ▲8.4 billion KRW for the Pohang smart aquaculture cluster project ▲5.4 billion KRW for Homigot Port maintenance project ▲3.4 billion KRW for the establishment of a fruit-specialized production complex ▲1.2 billion KRW for the construction of the East Sea Rim fresh seafood distribution center.

This achievement is evaluated as the result of strategic preparation, including proactive establishment of a national fund securing roadmap by Mayor Lee Kang-deok and related officials, holding national fund discovery briefing sessions from early in the year, submitting budget requests to central ministries, and persuading the Ministry of Economy and Finance by actively explaining the necessity of the budget.

During the National Assembly deliberation process, efforts were made under cooperation with National Assembly members Kim Jeong-jae and Kim Byeong-wook, frequently meeting with ministers of various departments, Ministry of Economy and Finance officials, and ruling and opposition members of the standing and budget committees to explain the necessity.

Mayor Lee Kang-deok said, “I would like to express my gratitude to Gyeongbuk Province, local National Assembly members, city and provincial council members, and everyone who worked together to secure national funds, and I ask for your continued support in securing national funds in 2024. We will focus on fostering new industries that will open Pohang’s new future for the next 100 years to enhance urban competitiveness, improve citizens’ quality of life by creating a pleasant environment and convenient living conditions, and also strive to strengthen disaster response infrastructure for building a safe city, Pohang.”

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