Kim Byunghwan, Deputy Minister of Economy and Finance, "Financial authority of local universities should be given to local governments... Must respond to local extinction"

December 12 'Local Extinction and Regional Balanced Development Meeting'

Kim Byung-hwan, First Vice Minister of the Ministry of Economy and Finance, is speaking on the full-scale response to stabilize prices of Chuseok seasonal goods and stabilize the cost of living at the Emergency Economic Vice Ministers' Meeting held on the 5th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Jo Yong-jun jun21@

Kim Byung-hwan, First Vice Minister of the Ministry of Economy and Finance, stated, “To respond to local extinction, financial authority over local universities will be granted to local governments, and 30 local universities will be selected as glocal universities.”

At the ‘Meeting on Local Extinction and Regional Balanced Development’ held at the Government Seoul Office on the 12th, Vice Minister Kim proposed this plan, emphasizing the need to strengthen regional competitiveness to address local extinction.

Vice Minister Kim said, “We must prevent population outflow from local areas, foster regional industries to attract companies and talent, increase jobs, and strengthen the competitiveness of local universities,” adding, “To this end, the government plans to establish a 300 billion KRW regional revitalization investment fund in 2024 and use it as seed money for regional investment.”

He continued, “From a spatial perspective, flexible concepts of population and living zones should be applied to activate the regional economy through inter-regional cooperation,” and “The government will support not only the resident population but also the living population through financial support for public-private cooperation regional win-win agreements.”

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