Governor Kim Youngrok Welcomes National Assembly Passage of Special Act Supporting Petrochemical Industry

Launching the Mega-Transformation Project for the Petrochemical and Steel Industries

Kim Youngrok, Governor of Jeonnam Province

Kim Youngrok, Governor of Jeonnam Province, expressed his welcome regarding the passage of the "Special Act on Strengthening the Competitiveness and Support of the Petrochemical Industry" at the National Assembly plenary session, stating, "A decisive turning point has been established for the petrochemical industry to transform its structure and rise again."

This special act is seen as a significant achievement, as it completes the legal framework encompassing Jeonnam's two major key industries, following the passage of the "Special Act on Strengthening the Competitiveness of the Steel Industry and Transition to Carbon Neutrality" in the National Assembly on November 27.

The new petrochemical special act includes a comprehensive support system, such as the establishment of a basic plan to strengthen industrial competitiveness, facility conversion and structural advancement, promotion of technological innovation, research and development, and workforce training. In particular, it introduces measures to minimize the impact on partner companies and the regional economy during restructuring, which is expected to mitigate the shocks of industrial transition.

Taking advantage of the enactment of these two special acts, Jeonnam Province will officially launch the "Petrochemical and Steel Industry Mega-Transformation Project," with a total investment of 4.6 trillion won. The province will focus on transforming to eco-friendly processes, developing high value-added materials, upgrading facilities, and transitioning to AI-driven operations to innovate industrial structure. It also plans to maximize policy effectiveness by strengthening connections with central government support programs.

Through this comprehensive transformation strategy covering both the steel and petrochemical industries, Jeonnam Province intends to enhance industrial competitiveness and concentrate policy capabilities to achieve tangible results in the recovery of the regional economy.

In addition, in response to the government’s announcement of NCC facility reduction and restructuring, the province will implement practical measures such as transition support, retraining, and strengthening employment safety nets to minimize employment instability and regional economic shocks during the industrial transition, thereby protecting local employment and the industrial base.

Governor Kim Youngrok emphasized, "The Yeosu petrochemical industry has grown alongside the lives and history of the region, built through the sweat and dedication of countless residents," adding, "Jeonnam Province will further strengthen the petrochemical industry."

Based on this special act, Jeonnam Province plans to continue driving industrial structure innovation, such as eco-friendly process conversion, development of high value-added materials, and facility upgrades. The province will also systematically work with the central government to establish follow-up support systems, secure budgets, and improve regulations, aiming to deliver results that can be felt on the ground in the industrial sector.

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