'Budget Execution Rate at 43%'... Jeonnam Bioindustry Foundation Faces Serious Waste on Non-Essential Projects
Assemblyman Jinho Gun of Jeonnam Province: "Projects Deviate from Founding Purpose"
Only 14.9 Billion Won Executed Out of 36 Billion Budget... 'Urgent Need for Improvement'
The Jeonnam Bioindustry Foundation has been criticized for neglecting its core work in bio research and development and focusing instead on non-essential projects, resulting in a low budget execution rate.
At the administrative audit of the Jeonnam Bioindustry Foundation held on November 10, Assemblyman Jinho Gun of the Democratic Party of Korea (representing Gokseong) stated, "The Foundation is carrying out projects that do not align with its founding purpose," and emphasized, "It should focus on its core functions, such as supporting bio research and development and industrialization."
Assemblyman Gun specifically pointed out youth employment support programs and participation in seafood processed product expos, stating, "These projects do not correspond with the Foundation's original purpose." He added, "The Foundation should concentrate its capabilities on its core work, including bio research and development, technology transfer, and corporate support."
He also criticized the low budget execution rate, noting, "Out of a total budget of 36 billion won, only 14.9 billion won has been executed, resulting in an execution rate of just 43%."
He remarked, "This is the first time I have seen such a low execution rate during an administrative audit," and stressed, "Unused funds should be sorted out, and when preparing next year's budget, the actual feasibility of execution should be thoroughly reviewed to prevent unnecessary waste."
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In response, Yoon Hoyul, President of the Jeonnam Bioindustry Foundation, said, "I fully agree with the Assemblyman's comments," and announced, "We will wrap up non-essential projects ending this year and shift our focus to bioindustry-centered projects starting next year." Yoon added, "We will reorganize the budget and reflect these changes in next year's business plan."
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