Jeonnam Province Secures 602.5 Billion Won in Public Livelihood Supplementary Budget Under Lee Jaemyung Administration (Comprehensive)

Energy Engineering University and Petrochemical Industry Included
High Expectations for Securing Economic Recovery Momentum
Governor Kim Youngrok: "Focusing on Public Livelihood Stabilization"

Kim Youngrok Jeonnam Governor

Jeonnam Province announced on the 23rd that 602.5 billion won in national funding for 14 projects (399.8 billion won for two public livelihood projects and 202.7 billion won for 12 regional priority projects) has been included in the 2025 supplementary budget proposal of the new government, which was unveiled following a Cabinet meeting. The province stated that this will serve as an opportunity to support regional economic recovery and stabilize public livelihoods.

The total scale of the new government’s supplementary budget proposal is 30.5 trillion won. As public livelihood difficulties intensify due to worsening economic stagnation and declining domestic consumption, the government has pushed for the supplementary budget immediately upon inauguration to use fiscal spending as a priming force to secure momentum for economic recovery.

Even before the new government was launched, Jeonnam Province, with Governor Kim Youngrok at the forefront, focused its administrative capabilities on the possibility of a supplementary budget, successfully securing a number of government-led projects as well as separate region-specific projects.

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

In addition, an extra 10 billion won in operating funds for Korea Energy Engineering University has been included, contributing to the normalization of academic operations such as the introduction of research facilities and equipment.

Other regionally related projects, taking into account the difficult economic and public livelihood conditions, include: ▲ 357 billion won in public livelihood support payments for all citizens and 42.8 billion won for the issuance of regional gift certificates to stimulate consumption; ▲ 3.4 billion won in crisis response support for the regional petrochemical industry; ▲ 6 billion won for facility improvements at dried seaweed processing plants to strengthen the competitiveness of the seaweed industry and expand export markets; ▲ 7.8 billion won for disaster risk area improvements to prevent damages from summer typhoons and floods.

Jeonnam Province plans to continue working to ensure that region-specific projects not included in the government’s proposal are added during the remaining National Assembly review process.

Governor Kim Youngrok stated, "Given the recent shortage 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 expanding the national government’s share, are discussed." He also said, "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 public livelihood stabilization."

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