Jeonnam Province Urgently Injects 118.5 Billion Won into Livelihood Economy

Measures for Livelihood Economy Including SMEs, Small Business Owners, and Farmers
Minimizing Burden on Local Cities and Counties, Fully Covered by Jeonnam Province Contingency Fund
Governor Kim Young-rok, "For the Prompt Recovery of Residents' Daily Lives"

Jeonnam Province has prepared a comprehensive livelihood economy plan, including the urgent injection of a budget worth 118.5 billion won to stabilize the livelihood of the people, which has been socially stagnant due to the declaration of martial law on December 3.

Jeonnam Governor Kim Young-rok is announcing measures to stabilize people’s livelihoods at the Jeonnam Provincial Government press room on the 16th. Photo by Jeonnam Province

On the 16th, Jeonnam Governor Kim Young-rok held a press conference at the provincial government local press room and explained the background, saying, “We will concentrate all administrative power to the fullest to help residents quickly restore their daily lives and minimize economic shocks.”

To this end, Jeonnam Province announced that it will invest a total of 118.5 billion won, including 48 billion won in contingency funds, in 23 projects for small and medium-sized enterprises, small business owners, the tourism industry, farmers and fishermen, and vulnerable groups.

Specifically, 17.5 billion won will be invested in supporting the issuance of local love gift certificates, and 4.4 billion won in contingency funds will be allocated to stimulate consumption in the food service industry.

For small restaurants with annual sales of less than 100 million won, a temporary support of 300,000 won in public utility bills such as electricity, gas, and water will be provided monthly for three months (3 billion won), and hygiene supplies such as packaging containers and aprons for dining establishments will be supported (500 million won). Discounts and delivery fees will also be supported (900 million won) through public win-win delivery apps such as ‘Meokgaebi’ and ‘Ttaenggeoyo’ to promote sales of neighborhood small business owners.

Fifteen billion won (contingency funds) will be provided to chemical plant SMEs in the Yeosu Industrial Complex, which are struggling due to decreased production and exports, including employment retention support, and 1.2 billion won will be provided to the travel industry facing management difficulties due to deteriorating domestic and international tourism conditions.

Efforts will also be made to support the stabilization of management in the agriculture, fisheries, and livestock sectors, which are facing difficulties due to climate change, and to expand consumption.

Thirteen billion five hundred million won (contingency funds) will be invested to provide emergency management stabilization funds of 1 million won per hectare to pear farmers who suffered sunburn damage due to high summer temperatures but were not recognized as disaster victims. In addition, 1.7 billion won (contingency funds) will be invested to support small-scale Hanwoo cattle farms with fewer than 60 heads, which are struggling due to prolonged feed cost increases, by covering the difference in feed costs up to 1 million won.

In the fisheries sector, 1.7 billion won (contingency funds) will be invested to support local seaweed processing companies struggling with soaring raw seaweed prices by temporarily covering the difference in raw material purchase costs up to 10 million won per site until February next year. Fifteen billion won in provincial contingency funds will be invested to provide emergency management support to abalone producers suffering from a double burden due to falling abalone prices caused by sluggish consumption and rising costs of abalone seeds, feed, and labor.

Furthermore, for low-income and vulnerable groups, 7.7 billion won (contingency funds) will be provided to alleviate heating costs for low-income elderly people aged 65 and over during the winter, and 2.8 billion won (contingency funds) will be allocated for purchasing ingredients to provide nutritious meals to seniors using senior centers.

The happiness policies for vulnerable groups being promoted this time will be fully funded by Jeonnam Province’s contingency funds to minimize the burden on cities and counties facing the worst financial crisis despite Jeonnam’s difficult financial conditions.

Governor Kim Young-rok emphasized, “The center of provincial administration is the residents, and the top priority is stabilizing livelihoods,” and stated, “We will concentrate all administrative power to the fullest to help residents quickly restore their daily lives and minimize economic shocks.”

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