Pohang Mayor Lee Gang-deok Heads to National Assembly, Launches All-Out Effort to Secure Next Year’s National Investment Budget

Full-Scale Effort to Secure 210.5 Billion Won in Increased National Funding for 2026
"Overcoming Industrial Crisis and Fostering Future Growth Industries... Increased Funding Essential"

With the National Assembly’s budget deliberations entering full swing, Lee Gang-deok, Mayor of Pohang, has launched an all-out effort to secure increased national funding for next year. He has met with local National Assembly members, members of the Budget and Accounts Committee, the Strategy and Finance Committee, standing committee members, and officials from the Ministry of Economy and Finance to advocate for additional government support.

From the left, Lee Sang-hwi, Member of the National Assembly; Lee Gang-deok, Mayor of Pohang; Han Byung-do, Chairman of the Budget and Accounts Committee; Kim Jeong-jae, Member of the National Assembly. Provided by Pohang City

Mayor Lee first met with Han Byung-do, Chairman of the Budget and Accounts Committee, to request active cooperation in ensuring that Pohang’s key priority projects are reflected in next year’s government budget proposal.

He then met with Park Hyung-soo and Lim Mi-ae, secretaries of the Budget and Accounts Committee, as well as Park Sung-min and Koo Ja-geun, members of the Trade, Industry, Energy, SMEs and Startups Committee. During these meetings, he explained the crisis facing Pohang’s steel industry and requested that projects related to the designation of industrial crisis response areas be expedited.

In particular, Mayor Lee met with Lim Yi-ja, Chairperson of the Strategy and Finance Committee, to request that essential projects for fostering bio-industries-a new growth engine for the nation-and for balanced regional development in Pohang be included in the budget.

Pohang City has submitted a total of 16 projects, amounting to 210.5 billion won, for increased allocation in the National Assembly. Projects related to the designation of industrial crisis response areas include: ▲ 2.2 billion won in secondary compensation support to overcome the steel industry crisis; ▲ 7.3 billion won in employment stability support for steel companies and workers; and ▲ 4 billion won for establishing an AI Convergence Demonstration Hub for the steel industry.

For future growth-driving projects, the city has requested increased funding for: ▲ 3.6 billion won to build an AI-converged next-generation cyclic peptide design platform; ▲ 3 billion won to establish an AI-based demonstration platform for graphene two-dimensional nanomaterials and components; ▲ 1.1 billion won to foster global K-FoodTech companies; and ▲ 3 billion won to support basic competency enhancement for local science and engineering university students.

Additionally, Mayor Lee emphasized the urgent need to increase funding for the confirmation and implementation of the Pohang-Yeongilman Overpass Bridge route (171.5 billion won), as well as for the construction of a new parking lot and overhead connecting passage at Pohang Station (4.4 billion won) to alleviate chronic parking shortages.

The Budget Subcommittee will begin its review on November 17, during which substantive budget deliberations will take place. Pohang City plans to make every effort to secure national funding through close cooperation with local National Assembly members, North Gyeongsang Province, and relevant central government agencies throughout the review period.

Furthermore, Mayor Lee pointed out that even if increases or cuts are made by the Budget and Accounts Committee, final coordination with the Ministry of Economy and Finance is required. Therefore, he met with Lim Ki-geun, Second Vice Minister of Economy and Finance, to request continued support so that the increased funding proposals can be reflected at the ministry level as well.

Mayor Lee stated, "To ensure that these key projects proceed without delay, I will continue to work closely with local National Assembly members and tirelessly meet and persuade officials from the National Assembly and the Ministry of Economy and Finance until the budget review is complete, making every effort to secure next year’s national funding."

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