Gyeonggi-do Secures Record 17.811 Trillion Won in National Funding... Boost for 'Semiconductor Specialized Complex and Local Currency'

Gyeonggi Provincial Government Gwanggyo New Office Building

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province has secured the largest-ever national budget of 17.811 trillion KRW in 2023. This is an increase of 1.2505 trillion KRW (1.6%) compared to this year's 16.5605 trillion KRW.

In particular, 100 billion KRW was additionally allocated for special support of infrastructure in the semiconductor specialized complexes in Yongin and Pyeongtaek, and 10.5 billion KRW for the Byeollae Line double-track railway, ensuring that major projects in Gyeonggi Province proceed without disruption. Additionally, the regional currency budget, which had been completely cut, was restored with 352.5 billion KRW (nationwide scale), raising expectations for revitalizing local commercial districts.

On the 26th, the province announced that after analyzing the revised 2023 government budget bill passed by the National Assembly plenary session in the early morning of the 24th, it secured a national budget of 17.811 trillion KRW.

The province first secured a large amount of budget in the welfare sector supporting low-income and socially vulnerable groups. Due to population growth and the expansion of government welfare policies, the national budget increased significantly from 9.1419 trillion KRW in 2022 to 11.6912 trillion KRW in 2023. Major projects include basic pensions at 3.4243 trillion KRW, parental allowances at 488.5 billion KRW, and housing benefits at 579.6 billion KRW.

The province also secured 3.8093 trillion KRW for social overhead capital (SOC) projects. Accordingly, except for some projects based on completion and progress rates, existing projects are expected to proceed without issues.

Major projects and the scale of national budget secured include ▲Metropolitan Area Express Railway Line A (Paju~Samsung) 339.5 billion KRW ▲Indeokwon~Dongtan double-track railway 118.8 billion KRW ▲Metropolitan Area 2nd Ring Road (Pocheon~Hwado) private highway 538.2 billion KRW ▲Guri~Anseong (Seoul~Sejong) highway 155.8 billion KRW, among others.

In the process of securing this national budget, the province also achieved an increase of 29.89 billion KRW compared to the original government budget plan (17.5212 trillion KRW). This is interpreted as a result of the province continuously selecting and discovering major projects and requesting them to central government departments. In addition, the province held budget policy meetings with the Democratic Party and the People Power Party, held meetings with members of the National Assembly Budget Committee, and visited local lawmakers in Gyeonggi Province directly, providing customized data by region, among various efforts.

The increased national budget of 28.98 billion KRW will be invested in a total of 55 projects, including ▲SOC construction projects such as 10.5 billion KRW for the Byeollae Line double-track railway, totaling 84.8 billion KRW ▲welfare projects such as 11.9 billion KRW for senior job projects, totaling 12.6 billion KRW ▲industrial and SME support projects such as 100 billion KRW special support for semiconductor specialized complexes in Yongin and Pyeongtaek and 352.5 billion KRW (nationwide) for regional currency issuance support, totaling 166.8 billion KRW ▲other projects such as 9.1 billion KRW for natural disaster risk improvement district maintenance projects, totaling 25.6 billion KRW.

Regarding the regional currency budget, which was completely cut in the government proposal, the province made every effort to secure national funds and succeeded in increasing it by 352.5 billion KRW (nationwide) in the National Assembly. However, this is only about 50% of this year's support amount.

Regarding this, Gyeonggi Province Governor Kim Dong-yeon criticized on his social media on the 23rd, saying, "(Next year’s) regional currency budget was cut by half compared to this year. It is like stripping off the winter clothes that low-income people, small business owners, and self-employed people, who are enduring severe economic difficulties, are wearing."

Furthermore, he promised, "Gyeonggi Province will put more effort into protecting livelihoods and vulnerable groups amid economic difficulties," and "Although the regional currency budget has already been reflected in next year’s budget, we will additionally allocate funds according to demand through supplementary budgets, etc."

The province also secured a special support budget to secure a super-gap in the semiconductor industry. The budget for support increased by 100 billion KRW, with 50 billion KRW each for Yongin and Pyeongtaek, which is expected to greatly help Gyeonggi Province leap forward as a global hub for the semiconductor industry.

Ryu In-kwon, Director of the Planning and Coordination Office of the province, emphasized, "There is no distinction between ruling and opposition parties for the development of Gyeonggi Province. As a result of efforts to secure national funds, we have secured the largest-ever national budget," and added, "We will do our best to promptly execute the hard-earned national budget at the right time and place to maximize policy effects."

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