Jeonnam Secures 602.5 Billion Won in Supplementary Budget for Livelihood Support Under Lee Jaemyung Administration

Energy Technology University and Petrochemical Industry Included
High Hopes for Securing Momentum for Economic Recovery

Kim Youngrok Jeonnam Governor

Jeollanam-do announced on the 23rd that 602.5 billion won in government funding for 14 projects has been included in the 2025 supplementary budget proposal of the new administration, which was unveiled following a Cabinet meeting. The province stated that this will serve as an opportunity to revitalize the local economy and stabilize livelihoods.

The total size of the new administration's supplementary budget proposal is 30.5 trillion won. Amid worsening economic stagnation and declining domestic consumption, which are intensifying hardships for people's livelihoods, the government is using its fiscal resources as a priming force to secure momentum for economic recovery. This supplementary budget was pursued immediately upon the launch of the new administration.

Even before the new administration was inaugurated, Jeollanam-do, led by Governor Kim Youngrok, focused its administrative capabilities on the possibility of a supplementary budget. As a result, the province was able to secure a significant number of government-led projects as well as separate local priority projects.

In particular, in the SOC (social overhead capital) sector, Jeollanam-do secured 146 billion won?20% of the total supplementary budget for the sector, which is 713.4 billion won?for three projects including the second phase of the Honam High-Speed Rail. This is expected to greatly help revitalize the stagnant local construction industry.

Additionally, an extra 10 billion won in operational contributions for Korea Institute of Energy Technology was included, which will help normalize academic operations by introducing research facilities and equipment.

As for regionally related projects, the province secured funding in consideration of difficult economic and livelihood conditions, including: 357 billion won for nationwide livelihood support payments to boost consumption and 42.8 billion won for issuing regional gift certificates; 3.4 billion won for supporting local industries in response to crises in the petrochemical sector; 6 billion won for facility improvements at dried seaweed processing plants to strengthen the competitiveness of the seaweed industry and expand export markets; and 7.8 billion won for improving disaster-prone areas to prevent damage from typhoons and floods during the summer.

Jeollanam-do also plans to continue efforts during the remaining National Assembly review process to ensure that local priority projects not yet included in the government proposal are added.

Governor Kim Youngrok stated, "Given the recent shortfall in tax revenue and the resulting difficulties in local government finances, I will work to ensure that measures to secure the stability of local finances, such as increasing the national government's share, are discussed." He added, "Once the supplementary budget is finalized, we will devote all our efforts to preparing preemptive procedures so that swift execution can maximize the effects on economic recovery and livelihood stabilization."

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