Jeonnam's Money Continues to Leak Out... Assemblyman Choi Jeonghoon Urges Urgent Local Consumption Circulation

Serious Outflow of Income and Consumption
Warning Light for the Local Economy

There have been calls for institutional improvements as income and consumption in the Jeonnam region continue to flow out to other areas each year.

Assemblyman Choi Jeonghoon of the Jeonnam Provincial Council (Democratic Party of Korea, Mokpo 4) stated during the provincial administration Q&A session at the 5th plenary session of the 393rd extraordinary meeting held on the 19th, "The scale of income outflow from Jeonnam reached 18.9 trillion won in 2022 and 19 trillion won in 2023."

Jeonghoon Choi, a member of the Jeonnam Provincial Council, is raising questions about provincial administration at the 5th plenary session of the 393rd extraordinary meeting held on the 19th. Provided by Jeonnam Provincial Council

He particularly emphasized, "Of this amount, 7.4 trillion won is the outflow of wages earned by workers residing outside the region, such as in Gwangju," adding, "The fruits of local labor are being consumed outside the region."

He also pointed out that the outflow on the consumption side is severe. Assemblyman Choi said, "Consumption by Jeonnam residents is concentrated on online distribution companies headquartered in the Seoul metropolitan area (54.4%) and medical institutions in the Gwangju area (12.8%)," and stressed, "We must change the structure in which local consumption is linked to companies outside the region."

As solutions, he proposed promoting local consumption and increasing inflow. "We need to strengthen Jeonnam-style online platforms such as Namdo Market and Meokgaebi to encourage external consumers to purchase Jeonnam products, and prevent outflow by encouraging active use by residents," he said. He added, "A consumption culture that favors local small business stores over franchises is needed," and "The local economy is revived by the choices of local residents."

He also called for structural improvements to local currency. Assemblyman Choi pointed out, "If local currency is used only once and the cycle ends, the effect is minimal," and insisted, "It needs to be designed to circulate within the region and generate a multiplier effect."

In response, Yoon Jin-ho, Director of Planning and Coordination at Jeonnam Province, said, "We recognize the seriousness of the outflow issue," and added, "We will discuss ways to expand online distribution channels and vitalize local consumption with relevant departments."

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