The Second Joint Policy on 'Reviving the Economy' by Choi Chi-hyun, Kim Sung-jin, and Jung Jae-hyuk

Future-Oriented Eco-Friendly Smart Industrial Complexes, Fostering Three Major Future Strategic Industries, and Establishing Economic Special Zones

Choi Chi-hyun, Kim Sung-jin, and Jung Jae-hyuk, Democratic Party preliminary candidates for Gwangsan-gu (Eul), Gwangju Metropolitan City, who pledged to share policies and speak with one voice for regional development, jointly announced policies to address economic issues at the Gwangju City Council on the 6th. This was their second joint policy press conference following the one on the 30th of last month.

Since the first press conference, which was effectively a unification declaration among Democratic Party candidates excluding the incumbent, their approval ratings have shown a sharp rise, drawing attention to their steady joint policy announcements.

On that day, the three preliminary candidates pointed out that South Korea’s economic growth rate last year was 1.4%, indicating a severe economic slowdown, and that the provisional 2022 Gwangju GRDP was 45.2 trillion won, ranking 15th out of 17 metropolitan cities and provinces, placing it near the bottom.

They expressed concern that “the economic recession caused by high exchange rates, high interest rates, and high inflation is impacting the local economy, including small and medium-sized enterprises and self-employed businesses,” adding, “In particular, with the bankruptcy of Daewoo Winia, a decrease in Samsung Electronics’ sales, and the government’s reduction of R&D support, related companies in the region are facing great difficulties.”

The three preliminary candidates agreed that resolving livelihood issues and revitalizing Gwangsan’s economy are the most urgent tasks amid the serious economic situation, and decided to propose and share solutions in the economic sector.

First, Choi Chi-hyun based his strategy on the keyword “The Key to Opening Gwangsan-gu’s Future.” His plan is for Gwangsan-gu to lead Gwangju’s economic growth through fostering future industries and technological innovation, creating a livable economic city.

Specifically, he proposed ▲ the establishment of a “future-oriented eco-friendly smart industrial complex” and encouraging ESG management among Gwangsan-gu companies ▲ support for nurturing local small, medium, and core material companies and increasing R&D budgets ▲ attracting AI semiconductor manufacturing companies based on the national AI data center.

He also added plans to utilize Imgok Station as a UAM terminal, a future transportation mode, and to develop approximately 100,000 pyeong of open land in Imgok-dong into a research and demonstration cluster linked to the UAM business.

Kim Sung-jin announced his intention to achieve a “New Economic Renaissance for Gwangsan and Gwangju” through fostering future industries, strengthening support for small business owners, and activating women’s economic participation.

He plans to focus on three future strategic industries: future vehicles, new defense industries, and bio-health, aiming to create a budget of 1.37 trillion won and 10,000 new jobs in Gwangsan.

To support small business owners, he proposed ▲ introducing income deduction rates for credit card usage applicable to small business owners ▲ expanding the New Start Fund to resolve self-employed debt ▲ enacting related systems and laws to increase support for closure costs. To increase women’s economic participation, he suggested ▲ expanding flexible working hours that balance work and family ▲ strengthening women-tailored education and training to expand future job opportunities for women.

Jung Jae-hyuk pledged to create a “Sustainable Growth Economic Special Zone Based on the 4th Industrial Revolution” to generate quality jobs and revitalize the local economy.

He plans to form a consultative body with related ministries such as the Ministry of Economy and Finance to discuss resource plans including infrastructure expansion for the special zone, and to legislate a special zone establishment bill.

Specifically, he proposed ▲ attracting a global innovation center to improve the environment and innovate workplaces in aging industrial complexes ▲ transforming the economic structure into a future-oriented industrial complex integrated with the 4th industrial revolution ▲ expanding support facilities and improving residential environments within aging industrial complexes.

Additionally, he suggested providing on-site customized consulting by linking specialized consultants for labor issues and establishing institutional foundations so that labor and management can jointly improve the quality of labor life, productivity, and quality levels.

The economic policies announced by the three preliminary candidates are expected by the local community to be important solutions to revive the regional economy, which has been hampered by internal and external factors causing economic growth slowdown, and to resolve livelihood issues of small business owners and self-employed people who have long suffered from the economic recession.

They said in unison, “Reviving the region and resolving livelihood issues is the historical mission of politicians today,” adding, “With competence that saves livelihoods, we will overcome the economic collapse and incompetence of the Yoon Seok-yeol government and reclaim the administration.”

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