Gangwon Province to Execute a Record 4.4 Trillion Won in Rapid Spending in H1... Revitalizing the Local Economy

Governor Kim Jin-tae Declares "Speed as Priority"
70% of First-Half Budget to Be Executed Rapidly
Gangwon Province Allocates 439.3 Billion Won More Than Government Target
"Opening the Era of 10.7 Trillion Won in National Funding for 2027"

Gangwon Special Self-Governing Province (Governor Kim Jin-tae) announced on March 16 that, in order to boost the local economy, the province plans to execute 4.4267 trillion won, which is 70% of the budget subject to rapid execution in the first half of the year, and to concurrently pursue securing 10.7 trillion won in national funding for 2027.

Gangwon Province Governor Jin-tae Kim announced on the 16th that to revitalize the people's economy, they plan to execute 4.4267 trillion KRW, which is 70% of the budget subject to rapid execution in the first half of the year, and jointly promote securing 10.7 trillion KRW in national funding for 2027. Provided by Gangwon Province

The province's target of 4.4267 trillion won for prompt fiscal execution is 439.3 billion won (7%) higher than the 3.9874 trillion won (63% of the eligible amount) suggested by the Ministry of the Interior and Safety this year. The province intends to accelerate financial execution by prioritizing projects closely tied to the livelihood economy, moving up the execution timeline, and shortening administrative procedures.

The province will operate a "Rapid Execution Task Force" to monitor and manage the progress of execution. It will also actively support the process by regularly identifying suggestions arising during execution and relaying them to relevant ministries.

In addition, for large-scale projects worth over 3 billion won, the province plans to strengthen its fiscal management through close cooperation with project departments, intensive monitoring of execution status, and the development of measures to further expand execution.

Furthermore, the province has set its target for 2027 national funding at 10.7 trillion won, which represents a 4.3% increase (approximately 440 billion won) compared to this year's secured amount of 10.26 trillion won.

This upward adjustment reflects the launch of new projects in future industries such as semiconductors, bio, and artificial intelligence (AI), as well as the full-scale advancement of large-scale social overhead capital (SOC) projects including railroads and roads.

42.267 trillion KRW, which is 70% of the budget subject to rapid execution in the first half of the year, has been spent. Provided by Gangwon Province

Key projects targeted for funding include: ▲ Pocheon–Cheorwon Expressway (new) 1 billion won ▲ Sokcho–Goseong Expressway (new) 1 billion won ▲ Chuncheon–Cheorwon Expressway (new) 300 million won ▲ Gangneung–Samcheok High-Speed Railway 7.5 billion won ▲ Yongmun–Hongcheon Metropolitan Railway 5 billion won ▲ Early Mine Closure Area Economic Promotion Project 55.1 billion won, as well as other initiatives related to future industries such as semiconductors, bio, and AI.

In this context, the province plans to hold an integrated strategic meeting on March 19 to discuss in detail the rapid execution plans by sector and government response strategies for newly identified national funding projects.

Governor Kim Jin-tae stated, "We plan to execute 70% of Gangwon Province’s early execution target budget within the first half of this year. This is a more ambitious target than what the government has suggested, and is aimed at revitalizing the regional economy."

Kim Jin-tae, Governor of Gangwon Special Self-Governing Province, announced on the 16th that in order to revitalize the livelihood economy, he plans to execute 4.4267 trillion won, which is 70% of the budget subject to rapid execution in the first half of the year. Provided by Gangwon Province

Regarding next year’s national funding, he added, "Setting the target at 10.7 trillion won is an aggressive move, considering that the amount of national funding secured has increased by about 700 billion won over the past two years. Going forward, we will continue to focus on discovering new projects in future industries and SOC sectors to maximize national funding for Gangwon Province."

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