Jeonnam Province Opens Era of 9 Trillion Won National Budget for the First Time in History

Secured 9.0755 Trillion KRW in 2024... 423 Billion KRW Increase from This Year

Includes Gwangju-Yeongam Expressway and Advanced Medical Complex

Jeonnam Province has ushered in the era of the first-ever 9 trillion won in national funding.

The province announced on the 26th that it secured a record-high national budget of 9.0755 trillion won in the 2024 budget.

This is an increase of 423 billion won (4.9%) compared to 8.6525 trillion won in 2023. It is also the largest-ever achievement, securing an additional 473.4 billion won during the National Assembly review stage compared to the 8.6021 trillion won reflected in the government's budget proposal last September.

Especially meaningful is this achievement amid difficult conditions where the government's total expenditure growth rate was only 2.8%, due to the government's sound fiscal policy continuing since last year. Compared to the 6 trillion won in national funding in 2018, this represents a remarkable growth in just a few years, reaching the milestone of 9 trillion won in national funding.

This success is attributed to the concentrated efforts of Governor Kim Young-rok and all provincial staff to secure the national budget.

Following a step-by-step strategy for securing national funds, the province systematically responded by continuously holding multiple new project discovery report meetings from early in the year, monthly national fund status meetings, visits and briefings to central government ministries, and roundtable meetings with ruling and opposition party lawmakers.

Jeonnam laid the groundwork for a great leap forward by securing numerous core projects in future advanced strategic industries and next-generation energy sectors that can upgrade Jeonnam’s potential and strengths into global competitiveness.

New projects leading economic revitalization by region include 110 projects worth 161.2 billion won (total project cost about 3.5 trillion won) such as the Gwangju-Yeongam high-speed highway in the Southwest region, the Carbon Capture Utilization and Storage (CCUS) cluster in the Eastern region, and the Gwangju-Jeonnam Advanced Medical Complex in the Central region. For two consecutive years, over 100 new projects have been secured, ensuring steady growth momentum.

In particular, projects that utilize Jeonnam’s strengths in advanced industries such as space, bio, and electric vehicles to attract private companies and create new markets have been included, securing global core growth engines expected to contribute to regional revitalization.

Major projects include a feasibility study budget of 500 million won for the establishment of the Gwangju-Jeonnam Advanced Medical Complex, aiming for additional designation as a global small and strong advanced medical complex specialized in cutting-edge bio new drugs, utilizing the bio infrastructure of Gwangju and Jeonnam such as the Hwasun Vaccine Industry Special Zone (total project cost undecided, Hwasun), and a feasibility study budget of 330 million won for the construction of the National Cardiovascular and Cerebrovascular Research Institute (total project cost 100.1 billion won, Jangseong).

Also included is a design budget of 2 billion won for the creation of a space launch vehicle industry cluster infrastructure that enables one-stop testing and operation of various launch vehicles developed by the private sector in connection with the Naro Space Center (total project cost 202.3 billion won, Goheung), and a 1 billion won research and development budget for demand-linked parts technology for a micro electric vehicle platform to strengthen the competitiveness of E-mobility companies located in the Yeonggwang Daema Industrial Complex and foster it as an export base for micro electric vehicles (total project cost 15 billion won, Yeongam).

Jeonnam also laid the foundation to lead future energy development and leap forward as a global energy hub.

Key projects include a feasibility study budget of 500 million won for establishing a CCUS cluster in the Yeosu National Industrial Complex, which accounts for 34% of greenhouse gas emissions from the domestic petrochemical industry, to reduce greenhouse gases and strengthen global competitiveness (total project cost undecided), and a government subsidy of 20 billion won for the stable operation of Korea Energy Engineering University (total project cost 100 billion won, Naju).

Additionally, a feasibility study budget of 400 million won for the creation of the Solar City carbon-neutral cluster (total project cost 45 billion won, Haenam), 3 billion won for building a future regional energy ecosystem activation platform (total project cost 30 billion won, within the province), and a feasibility study budget of 200 million won for the construction of the National Energy Science Museum (total project cost 45 billion won, Naju) were also included.

The province secured budgets to transform Jeonnam’s agriculture and fisheries into high value-added industries through digital and smart export industrialization.

Major projects include a feasibility study budget of 300 million won for the creation of an AI advanced agricultural convergence district to establish a world-class agricultural life valley that will produce leading models of cutting-edge digital agricultural technology, involving universities, research institutes, and companies (total project cost 1.3105 trillion won, Muan), and a design budget of 550 million won for the establishment of a Local Food Promotion Center to systematically discover, preserve, and globalize local cuisine using excellent ingredients from the southern region (total project cost 10.5 billion won, Mokpo).

Also included are a feasibility study budget of 200 million won for the construction of a seaweed bio smart factory (total project cost 20 billion won, Wando) and a design budget of 300 million won for the creation of an eco-friendly complex service support complex (total project cost 18 billion won, Haenam).

The province also laid the foundation to become a tourism and cultural hub of the South Coast, capable of competing with famous tourist destinations worldwide. As part of the first phase of the Southern Region Wide-area Tourism Development project, budgets were evenly allocated across 33 projects including 600 million won for the Naju Yeongsangang Panorama Tourist Attraction (total 17.6 billion won) and 500 million won for the Yeosu Beauty & Spa Wellness Tourism Hub (total 21.3 billion won), totaling 11.1 billion won (total project cost 562.1 billion won, within the province).

A leading project for the systematic maintenance and increased utilization of cultural heritage sites in the Mahan historical and cultural zone, which had been insufficiently discovered and preserved, was allocated a design budget of 900 million won (total project cost 24.3 billion won, Naju and Haenam). Also secured was 860 million won for the successful preparation of the 2026 World Island Expo (total project cost 24.8 billion won, Yeosu).

Other projects include a feasibility study budget of 200 million won for the construction of a branch of the National Folk Museum to revitalize folk research and preserve historical resources in the Honam region (total project cost 46.5 billion won, Suncheon), and 19.3 billion won for facility costs for the Suncheon Animation Cluster (total project cost 39 billion won, Suncheon).

The Social Overhead Capital (SOC) budget increased by 14.4% from 1.0572 trillion won this year to 1.2093 trillion won, and the long-awaited wide-area transportation network SOC projects will be actively promoted.

Major projects include 484 billion won for the second phase of the Honam High-Speed Railway construction (total project cost 2.6921 trillion won), securing more than 50% of the remaining project cost needed for completion in 2025.

The runway extension project at Muan International Airport, capable of accommodating mid- to long-distance flights, was sufficiently reflected with 10 billion won (total project cost 49.2 billion won), aligning with the completion of the second phase of the Honam High-Speed Railway, enabling Muan Airport to become a true hub airport in the Southwest region.

Also, sufficient budgets were allocated for ongoing construction projects such as the first phase of the Gwangju-Wando Expressway with 205.6 billion won (total project cost 1.7811 trillion won), the Sinan Aphae-Haenam Hwawon Road with 105.4 billion won (total project cost 536.5 billion won), the Yeosu Hwatae-Baekya Road with 68.5 billion won (total project cost 531.9 billion won), and the Beolgyo-Suncheon Juam National Road No. 27 expansion with 37.8 billion won (total project cost 171.1 billion won), expected to complete the planned wide-area transportation network.

In addition, new SOC projects that will redraw Jeonnam’s transportation map and serve as a catalyst for regional development were included. Notably, a 300 million won budget for the Gwangju-Yeongam high-speed highway feasibility study, a breakthrough for economic and tourism development in the Southwest region, was reflected at the National Assembly stage. Also, a 100 million won design budget for the reconstruction of the aging Mokpo Station, the gateway and face of Honam, was included for the first time in over 20 years (total project cost 49 billion won).

Preparatory feasibility studies for the Gwangju-Naju wide-area railway (total project cost 1.5192 trillion won) and the second phase of the Gwangju-Wando Expressway (total project cost 1.5965 trillion won), aimed at completing the wide-area transportation network that unites Jeonnam, began this year.

Budgets for various administrative and safety projects related to safety, education, and sports facilities, which can make Jeonnam a better place to live and increase the resident population, were also included.

Major projects include 10 billion won for the Suncheon National University Glocal University 30 project (total project cost 100 billion won, Suncheon), 1 billion won for the Bitgaram Children’s Experience Center construction (total project cost 18 billion won, Naju), 100 million won for the construction feasibility study of the Traffic Safety Training Center Education Center (total project cost 25 billion won, Hampyeong), and 100 million won for the design of the Safety Experience Education Center (total project cost 15 billion won, Yeongam).

Governor Kim Young-rok stated, “We will swiftly implement the projects reflected in the 2024 national budget so that the results of regional development are felt by the residents. We will also do our best to secure momentum for Jeonnam’s great leap forward by proactively responding to the 2025 national budget by early discovering new projects with comparative advantages that align with government policies and regional demands.”

He added, “I would like to express my sincere gratitude to Chairman Seo Sam-seok of the National Assembly Budget and Accounts Committee and everyone who gave special support to achieve the era of 9 trillion won in national funding despite difficult circumstances.”

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