Assemblyman Heo Jong-sik "15.3 Billion KRW Increased by Standing Committee for Incheon Bio-specialized Complex and Industrial Complex Environment Development"

The budget of 15.3 billion KRW for five projects in the Incheon area, including the Incheon Bio Specialized Complex and the creation of an industrial complex environment, was increased during the Ministry of Trade, Industry and Energy’s budget subcommittee review for next year.

According to Heo Jong-sik, a member of the Democratic Party of Korea representing Incheon Dong-gu and Michuhol-gu Gap, the Incheon Bio Specialized Complex projects include ▲28.8 billion KRW for the establishment of an ultra-low temperature electron microscope and ultra-low temperature focused ion beam device ▲2.4 billion KRW for the construction of a bio-pharmaceutical raw material commercialization support center, and the industrial complex environment creation projects include ▲5 billion KRW for the establishment of the Incheon DX Innovation Platform ▲2 billion KRW for the construction of the Incheon Process Innovation Simulation Center, as well as ▲3 billion KRW for investment attraction support by the Incheon Free Economic Zone Authority. These five projects totaling 15.28 billion KRW passed the Ministry of Trade, Industry and Energy’s 2025 budget subcommittee review and were approved at the plenary session.

These projects were not included in the Ministry’s original budget, but Heo proposed the increase, and the standing committee decided accordingly, allowing the budget to be secured. The final decision on whether the budget will be reflected will be made by the National Assembly’s Budget and Accounts Committee, so attention is focused on how well the political circles and Incheon City can persuade the Ministry of Economy and Finance.

Democratic Party of Korea Representative Heo Jong-sik

Earlier, at the Industry Committee plenary meeting held on the 7th, Representative Heo criticized Minister Ahn Deok-geun of the Ministry of Trade, Industry and Energy, saying, “The next year’s budget for the bio sector national advanced strategic industry specialized complex project, selected by the government last June, is zero,” and added, “The government’s approach of only designating the specialized complex and leaving it to local governments to handle is irresponsible.”

As part of the Incheon Smart Green Industrial Complex promotion project, the standing committee’s decision to increase the budget for ▲the Process Innovation Simulation Center construction and ▲the DX Innovation Platform construction projects must also be upheld by the Budget and Accounts Committee. Starting with the Incheon Namdong National Industrial Complex in 2020, this year the Incheon Juan and Bupyeong National Industrial Complexes were designated as Smart Green Industrial Complexes, and the reflection of national funds is expected to accelerate project implementation.

The 3 billion KRW increase for the Free Economic Zone Authority’s investment attraction support project is also considered an achievement. The Incheon Free Economic Zone Authority expects that increasing the budget to support resident companies will promote foreign investment attraction.

Representative Heo said, “The biggest challenge is persuading the Ministry of Economy and Finance amid the Yoon Suk-yeol administration’s fiscal austerity policy,” and added, “Since the budget related to Incheon’s industry was increased in the standing committee, I will do my best to ensure it is also reflected in the National Assembly’s Budget and Accounts Committee by cooperating with the local political circles and Incheon City.”

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