Ulsan City Secures Record High National Budget for Next Year... 13.5% Increase from Last Year to 2.5268 Trillion Won

Good News Amid Government Austerity, Shift to September National Assembly Response

Mayor Kim Du-gyeom: "Achieved Results with Support from Local National Assembly Members"

Ulsan City has secured a record-breaking budget of 2.5268 trillion KRW for next year.

Despite the government's strong fiscal tightening, Ulsan City announced on the 29th that the 2024 national budget proposal increased by 13.5%, or 301.4 billion KRW, compared to last year, reflecting a total of 2.5268 trillion KRW. Last year's government proposal was 2.2254 trillion KRW.

Ulsan Mayor Kim Du-gyeom announced on the 29th at the City Hall Press Center that the 2024 national budget government proposal has been secured at a record high of 2.5268 trillion won. [Image source=Ulsan City]

By sector, it includes 1.8285 trillion KRW for national subsidy projects and 698.3 billion KRW for government-implemented projects.

Major new projects include △ commercialization of multi-omics based personalized diagnosis and treatment technology for intractable cancers (4.5 billion KRW) △ establishment of AI convergence infrastructure for manufacturing in the Yeongnam region (2 billion KRW) △ creation of a youth startup hub space and relocation of the Ulsan Creative Economy Innovation Center (800 million KRW) △ southern region wide-area tourism development project (3.2 billion KRW) △ comprehensive maintenance project for flood and wind disaster living zones in Seosaeng district (1.6 billion KRW) △ construction of access roads to the Ulsan KTX station area general industrial complex (540 million KRW) △ construction of the 2nd memorial house at Ulsan Sky Park (2.52 billion KRW), among others.

Ongoing projects include △ establishment of the 3D printing convergence technology center (4.3 billion KRW) △ establishment of the Yeongnam region global skilled technology promotion institute (12.56 billion KRW) △ construction of the plastic recycling & upcycling demonstration support center (2.06 billion KRW) △ construction of the Ulsan Outer Ring Expressway (104 billion KRW) △ road construction between Nongsu and Gangdong (15 billion KRW) △ establishment of an occupational accident specialized public hospital (15.7 billion KRW) △ development project of Ulsan New Port (124.9 billion KRW), among others.

Status of Ulsan City's Budget Reflected in the Government Proposal.

The significant achievement in securing next year’s national funds is attributed to Mayor Kim Du-gyeom of Ulsan and the dedicated efforts of the relevant department officials from early in the year, supported by the full backing of local lawmakers with political influence. Ulsan City also evaluated that the discovery of key projects for the city’s future 60 years contributed to this success.

Mayor Kim Du-gyeom of Ulsan said, “The inclusion of many projects requested by Ulsan City in next year’s national budget proposal under the government’s sound fiscal policy is thanks to everyone’s efforts,” adding, “It is satisfying that many major projects, such as the designation of the national advanced strategic industry secondary battery specialized complex and the full-scale progress of the urban railway Line 1 project, are reflected in the government proposal.”

Ulsan City will switch to a full-scale parliamentary response system once the 2024 government budget proposal is submitted to the National Assembly on September 1. The city plans to respond by holding budget policy meetings with local political circles and operating a permanent camp at the National Assembly to ensure that projects not included or only partially included in this government proposal receive additional funding from the National Assembly.

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