Securing 1.4107 Trillion KRW National Investment Budget for Next Year... Pohang City Boosts New Growth Innovation Industries

Securing Increased R&D Budget Compared to Last Year to Lead National New Industries and Establish Ultra-Gap Competitiveness

Securing Core New Growth Projects in 'Secondary Batteries, Hydrogen, and Bio'... Accelerating Realization of Battery and Bio

Pohang City has secured a national investment budget of 1.4107 trillion KRW for 2024, an increase of 118.4 billion KRW compared to the previous year, serving as a catalyst for driving innovative growth in new industries and advancing as a sustainable hub city in the East Sea region.

Despite challenging government fiscal conditions such as a recent decline in national tax revenues, Pohang secured 80.5 billion KRW for 58 new projects and 1.3302 trillion KRW for 157 ongoing projects. Additionally, 135 billion KRW for design and construction costs of the Yeongilman Bridge was included in the government proposal.

Notably, although the government significantly cut R&D budgets, Pohang achieved a remarkable success by securing 437 billion KRW for R&D, an increase of 45.4 billion KRW from the previous year, laying the foundation to continuously secure future competitiveness with a super-gap in new growth industries. This achievement was made possible by Mayor Lee Kang-deok and his team mobilizing all available administrative resources and persistently visiting central government ministries and the National Assembly from the beginning of the year.

What stands out is that efforts to lead a new industrial paradigm are bearing fruit. First, in the secondary battery sector, one of the three major new industries prioritized by Pohang City, the designation of a national advanced strategic industry specialized complex in July and the inclusion of three new projects have laid the groundwork for securing global super-gap competitiveness and battery national security.

The hydrogen fuel cell power generation cluster project also passed the preliminary feasibility study this year, and starting next year, construction of a pipeline network connecting POSCO and the Blue Valley National Industrial Complex will begin, enhancing competitiveness as a leading city in the hydrogen economy.

This year, especially, by reflecting numerous new projects in the bio and pharmaceutical fields, including support for the Bio Future Technology Innovation Research Support Center (IRC), Pohang, which possesses the nation’s top-level R&D infrastructure such as universities, research institutes, research personnel, and facilities and equipment, is expected to gain momentum not only for the establishment of the POSTECH medical school but also for realizing bio national security.

Such results demonstrate the continuous efforts to overcome Pohang’s industrial structure, which was vulnerable to internal and external crises due to its reliance on a single steel-centered industry. Since Mayor Lee Kang-deok’s inauguration, challenges for sustainable urban and industrial diversification have not missed the golden time, successfully laying the cornerstone for the next 100 years.

Looking at the status of securing the 2024 national investment budget by sector, the SOC sector secured 667 billion KRW for 38 projects, including ▲135 billion KRW for the construction of the Pohang-Yeongdeok Expressway (Yeongilman crossing section), ▲135.2 billion KRW for the expansion of National Road No. 31 (Pohang?Andong 1-1), ▲9 billion KRW for the construction of Local Road No. 20 (Hyoja?Sangwon), and ▲10.2 billion KRW for the second phase construction of the southern breakwater at Pohang Yeongilman Port.

The R&D sector secured 437 billion KRW for 58 projects, including ▲4.1 billion KRW for the Bio Future Technology Innovation Research Support Center (IRC) support project, ▲2.8 billion KRW for the establishment of a steel and metal digital transformation (DX) demonstration center, ▲2 billion KRW for the expansion of the 4th generation synchrotron beamline, and ▲2.5 billion KRW for the advanced production process of green bio foundry for veterinary pharmaceuticals.

The culture, environment, and welfare sector secured 191 billion KRW for 56 projects, including ▲15.4 billion KRW for supplying industrial water to the Yeongilman Industrial Complex, ▲200 million KRW for installing buffer retention facilities in the Yeongilman Industrial Complex (4th Industrial Complex), ▲3.5 billion KRW for the maintenance of aging water supply pipelines (new in 2024), and ▲1.5 billion KRW for the maintenance of priority sewage management areas.

The agriculture, forestry, and fisheries sector secured 80 billion KRW for 53 projects, including ▲500 million KRW for the maintenance project of Yangpo Port, ▲700 million KRW for supporting fisheries resource creation projects (private cooperation), ▲4.5 billion KRW for the Pohang smart aquaculture cluster project, and ▲800 million KRW for establishing a specialized fruit production complex.

Other sectors secured 35.7 billion KRW for 10 projects, including ▲1.4 billion KRW for the LPG pipeline network construction project in towns and townships, ▲400 million KRW for underground facility information renewal projects, and ▲3.5 billion KRW for six urban living environment improvement projects.

Since the SOC sector accounts for a high proportion of the government budget, Pohang City plans to focus on discovering new SOC projects from next year and concentrate all administrative efforts to produce tangible results in new growth industries.

Mayor Lee Kang-deok said, “I would like to thank Gyeongbuk Province, local members of the National Assembly, city and provincial council members, and everyone who worked together to secure national funds, and I ask for continued support in securing national funds for 2025. We will do our best to build a livable Pohang by fostering new growth industries for the construction of Pohang as a hub city in the East Sea, creating greenways, and establishing disaster prevention infrastructure.”

Lee Gang-deok, Mayor of Pohang.

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