Gyeongnam Governor Park Wansu: "Reduce Debt to Less Than Half During Term"

Space Aviation Agency Expresses Confidence in Opening Within This Year

Park Wansu, Governor of Gyeongnam Province, who inherited more than 1 trillion won in debt at the time of his inauguration, announced that he plans to reduce the debt by half during his tenure.

At a press conference commemorating the first anniversary of his inauguration held on the 3rd, Governor Park said, “According to the 2022 Ministry of the Interior and Safety’s debt ratio standards, Gyeongnam Province’s debt stands at 1.2746 trillion won,” adding, “We have not issued local bonds and have repaid some amounts by cutting unnecessary expenditures.”

He stated, “We have shifted from a deficit budget to a surplus budget to repay the debt,” and added, “Our goal during my tenure is to reduce the debt to less than half, and we will focus on repayment while maintaining sound finances.”

Regarding concerns over the failure to open the Space and Aviation Agency within the year due to the special law being stalled in the National Assembly, he said, “The special law will be concluded with passage in July.”

Governor Park said, “On the 2nd, I spoke with Jang Je-won, Chairman of the National Assembly Science, Technology, Information and Communication Committee, and Park Seong-jung, the committee’s secretary, and exchanged text messages,” adding, “There are no lawmakers opposing the special law, and Chairman Jang said he will consult with opposition lawmakers in July to pass the special law, so shortening the enactment of the supplementary provisions to within three months should not be a big problem.”

“We have been steadily preparing for the establishment of the Space and Aviation Agency, the arrangement of a temporary office, and issues related to the space complex city, so there will be no setbacks in establishing the agency within the year,” he said, adding, “We will continue efforts such as persuading and explaining mainly to the members of the Science and ICT Committee this month.”

Park Wan-su, Governor of Gyeongnam Province, is answering reporters' questions at a press conference commemorating the first anniversary of his inauguration.
[Photo by Lee Se-ryeong]

The results of the public opinion survey on the administrative integration of Busan and Gyeongnam residents will be announced at the Busan-Ulsan-Gyeongnam (Bu-Ul-Gyeong) Governors’ Policy Council meeting to be held in Busan on the 12th.

Governor Park said, “The council will disclose the survey results and officially announce the direction of integration promotion accordingly,” adding, “Our intention to proceed according to the will of the city and provincial residents remains unchanged.”

He also said that even if administrative integration does not occur due to opposition from city and provincial residents, the Bu-Ul-Gyeong economic alliance will be strengthened, and cooperation projects and the cultivation of high-level technical talent will continue.

Regarding the development project of Ungdong 1 District in Jinhae-gu, Changwon City, he said, “The court recently dismissed Changwon City’s injunction request related to the cancellation of the project operator designation by the Busan-Jinhae Free Economic Zone Authority,” adding, “The procedure for designating a replacement operator by the Free Economic Zone Authority is expected to proceed, so conflicts with fishermen losing their fishing rights and related complaints will be resolved, and the project will resume accordingly.”

“Since legal issues may arise, we will continuously consult with related organizations such as the Free Economic Zone Authority, Changwon City, and Gyeongnam Development Corporation to help resolve the issues well,” he said.

On the day, Governor Park said, “Under the provincial administration slogan of ‘Vibrant Gyeongnam, Happy Residents,’ we have worked hard on attracting investment, revitalizing startups, fostering new industries, and strengthening welfare for Gyeongnam,” adding, “The Gyeongnam economy, which had been on a downward path since 2012, clearly overcame the crisis and rebounded last year.”

He continued, “The provincial office atmosphere has changed to a working environment, and I feel that the economy and residents’ lives in the province have changed, so we will continue to strive to ensure this change continues and that residents can feel it in all aspects.”

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