Incheon City Sets Next Year's National Budget Target at 6.19 Trillion Won... Striving for 3 Consecutive Years Above 6 Trillion Won

Incheon City has embarked on securing national funds exceeding 6 trillion won for the third consecutive year.

The city announced on the 5th that it has set its target for securing national funds next year at 6.19 trillion won or more. The amount for national subsidy projects (including some direct national projects) has increased by 300 billion won from this year to 5.3 trillion won, and the general allocation tax has increased by 30 billion won to 890 billion won.

This year, Incheon secured national subsidies amounting to 5.4851 trillion won, an 8.3% increase compared to the previous year's 5.0651 trillion won. This is a significant increase compared to the growth rates of Seoul (0.2%) and Gyeonggi Province (4.3%) in the metropolitan area, and even higher than Busan (5.6%), which has a similar economic scale.

Incheon City analyzed that this was possible because Incheon's transportation expansion and future growth engines in the food industry are more competitive than those of other local governments. The city plans to focus all efforts on securing national funds for 2025 by emphasizing that the revival of Incheon's industry is linked to the virtuous cycle of the South Korean economy.

Incheon City Hall

The city plans to hold more than three meetings this month to discover national fund projects, preparing policy projects linked to government policy directions centered on the major initiatives of the 8th local government administration.

Additionally, to boost Incheon's economic growth leap, the city will identify strategic industrial sectors for future technologies such as semiconductors, artificial intelligence (AI), and bio, as well as digital transformation. Projects for balanced development between old and new urban areas, including railway network construction, congestion road and residential environment improvement, and park maintenance, will also be explored.

The city will complete the preparation of budget requests to government ministries by the end of this month and plans to strengthen communication with the National Assembly and central government ministries to secure national funds until September, when the Ministry of Economy and Finance submits the next year's government budget proposal to the National Assembly.

An Incheon City official said, "We will highlight Incheon's strengths and actively persuade central government ministries for the region's future growth engine industries," adding, "We will do our best to secure the largest possible national funds for next year through organic cooperation with the National Assembly."

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