Party and Government "Budget Reflected for Early Opening of Incheon KTX and Metropolitan Area GTX-A Line"

Song Eon-seok "Consulting with the Ministry of Economy and Finance after Listening to Regional Issues"
Choo Kyung-ho "Strong Support for the Vulnerable... Historic Increase in Median Income"
Attention to Low Birthrate Measures Including Expansion of Parental Leave Pay Period

The People Power Party and the government have agreed to include costs for the construction of the Incheon-origin high-speed railway (KTX) and the early opening of the metropolitan area express railway (GTX-A) in next year’s budget proposal.

Song Eon-seok, the ruling party whip of the National Assembly’s Budget and Accounts Special Committee, stated at a briefing on the 23rd after the budget negotiation meeting between the party and government, “We held a total of nine consultation meetings, starting from Honam and ending with Busan and Gyeongnam, to listen to regional livelihood budget projects and current issue requests, and consulted with the Ministry of Economy and Finance,” revealing this.

First, the party and government agreed to establish the Asia Water History Theme Support Project in Gwangju in the Honam region, research plans for the industrialization of medicinal plants in the mountainous areas of Jeonbuk, and create an AI advanced agricultural industry convergence district hall in Jeonnam. Additionally, Seoul will prepare supplementary measures for improving aging facilities such as escalators in electric trains related to safety, and will push for budget increases during the National Assembly review process.

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is speaking at the ruling party-government meeting on the 2024 budget bill held at the National Assembly on the 23rd. Photo by Hyunmin Kim kimhyun81@

Rep. Song said, “In Yeongnam, Busan will have the Gadeokdo New Airport construction, Ulsan will develop multi-onics-based technology, and Gyeongnam will reflect the budget for building space environment test facility infrastructure,” adding, “Daegu agreed on the budget for constructing the Urban Railway Expo Line, and Gyeongbuk agreed on reflecting the budget for building a metaverse digital media innovation hub.” Furthermore, in the Chungcheong region, the budget for constructing Daejeon Urban Railway Line 2 tram, feasibility study for the Sejong Geumgang transverse bridge, early completion of the Chungbuk inland expressway, and construction of Seosan Airport in Chungnam will also be included in next year’s budget. Gangwon and Jeju will each receive national funding to support the establishment of a medical professional training center and a semiconductor consumables demonstration center for semiconductor cluster formation, as well as modernization of public sewage treatment facilities.

In the livelihood sector, the first meeting support fund of 2 million won paid per newborn child will be additionally weighted for multi-child families, and parental allowance support will be increased from 700,000 won to 1,000,000 won for age 0, and from 350,000 won to 500,000 won for age 1. For those with severe developmental disabilities, one-on-one daytime care will be introduced, and 24-hour integrated care will be expanded nationwide.

Yoon Jae-ok, Floor Leader of the People Power Party, and Choo Kyung-ho, Deputy Prime Minister and Minister of Economy and Finance, are taking a commemorative photo at the party-government meeting on the 2024 budget held at the National Assembly on the 23rd. Photo by Kim Hyun-min kimhyun81@

At the opening remarks on the same day, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said, “We raised the livelihood benefit and the median income standard, which are the criteria for selection, to the highest level ever to provide the most substantial support to the most vulnerable,” adding, “We strengthened tailored support for welfare blind spots such as those with severe disabilities, single-parent families, and multicultural families, and expanded support that young people can feel in their daily lives.”

Deputy Prime Minister Choo emphasized, “To overcome low birth rates, we will extend the duration of parental leave benefits and spouse childbirth leave benefits to reduce the burden on childbirth and child-rearing households,” and “We will expand investment incentives for foreign returnee companies and support the advancement of high-tech service industries such as AI, bio, cyber security, and digital platform government, as well as foster promising export industries like nuclear power and defense, and assist startups’ global expansion and regional entrepreneurship.”

Yoon Jae-ok, floor leader of the People Power Party, said, “Even after the government’s budget proposal is compiled, the party will do its best to reflect necessary livelihood budgets during the National Assembly review process.”

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