Chungnam Province Allocates 691.8 Billion KRW in First Supplementary Budget... Focus on Securing Growth Engines

General Account 662.3 Billion, Special Account 27.3 Billion, Fund 2.2 Billion

Chungnam Province announced on the 5th that it has prepared a supplementary budget of 691.8 billion KRW for the first additional budget and submitted it to the Provincial Council.

This supplementary budget consists of 662.3 billion KRW in the general account, 27.3 billion KRW in the special account, and 2.2 billion KRW in funds. The total fiscal scale increased by 6.4%, from the original 10.8108 trillion KRW to 11.5026 trillion KRW.

The province formulated the budget focusing on three areas to realize a strong Chungnam in the 8th elected administration: △ preparing for the future to secure growth engines △ creating future-oriented rural areas through investment in new agricultural and fishery industries △ establishing a safe Chungnam and a warm, prosperous life.

The new budget includes 10 billion KRW for venture fund investment to create and nurture a Chungnam-type unicorn company ecosystem, 3.8 billion KRW for overseas marketing support for export small and medium enterprises, and 1.5 billion KRW for financial support for Chungnam-type young farmers’ smart farms.

To recover from heavy rain damage, 80.4 billion KRW was allocated for public facilities and 30.8 billion KRW for agricultural production infrastructure, and 4.4 billion KRW was also reflected for compensation for losses to farms that preemptively closed due to fire blight disease.

The supplementary budget will be finalized after review at the 351st Provincial Council extraordinary session scheduled from the 15th to the 24th.

Park Jeong-ju, Director of Planning and Coordination, said, "Once the council’s approval is confirmed, we will mobilize all administrative power to ensure the budget is promptly executed," adding, "We will do our best to create economic recovery and a safe society for residents based on this supplementary budget."

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