Incheon City to Surpass 4 Trillion Won in National Budget for the First Time Next Year... 9.2% Increase from This Year, All-Time High

Secured a total of 4.7984 trillion KRW including General Grants
New projects such as GTX-B Line and Susa Water Purification Plant modernization

National Budget Trends of Incheon City [Provided by Incheon City]

[Asia Economy Reporter Park Hyesook] Incheon City's national budget for next year has surpassed 4 trillion won for the first time, marking the largest scale ever.

According to the city on the 3rd, the national budget for Incheon in the 2021 budget plan, confirmed through the National Assembly plenary session, recorded an all-time high of 4.0412 trillion won, an increase of 9.2% compared to this year.

Incheon's national budget has been increasing every year: 2.4685 trillion won in 2017, 2.6754 trillion won in 2018, 3.0815 trillion won in 2019, and 3.7001 trillion won this year.

The Ministry of the Interior and Safety's general grant tax also secured 757.2 billion won, an increase of 61.8 billion won (8.9%) compared to this year.

Especially amid the ongoing economic recession caused by the COVID-19 pandemic, which led to a reduction of 2.2 trillion won in the total general grant tax linked to national tax revenue, this achievement marks the largest ever.

The total national budget including the general grant tax amounts to 4.7984 trillion won, far exceeding the initial target of 4.19 trillion won, bringing the era of a 5 trillion won national budget within close reach.

The city analyzed that producing a 'National Budget Securing Manual' distributed and educated across departments, operating a T/F team, holding quarterly new project discovery reporting meetings, and implementing a responsible officer system were effective in increasing the national budget.

Major new projects for next year funded by the national budget include 9 billion won for the construction of the access road to Yeongjongdo Midan City, 8.3 billion won for the access road to Aam Logistics Complex, 6.1 billion won for advanced water treatment facilities at the Susan Water Purification Plant, 3 billion won for the construction of the Incheon Regional Tax Office building, 2 billion won for the Seoul Metropolitan Area Express Railway Line B, and 1 billion won for the construction of the Gyeyang-Ganghwa Expressway.

Ongoing projects include 110.9 billion won for the construction of Incheon New Port, 33.2 billion won for the Incheon-origin KTX, 31 billion won for the extension of Seoul Subway Line 7 to Cheongna, 24 billion won for the establishment of the World Character Museum, 15.8 billion won for the construction of the Incheon Maritime Museum, and 7 billion won for the construction of the Yeongjong-Sindo Peace Road, all of which have seen significant increases in project costs compared to this year.

An Incheon city official stated, "As a result of the combined efforts of local lawmakers, including Budget and Accounts Committee member Heo Jongsik, during the National Assembly budget review process, 23 items totaling 19.7 billion won were increased, including the extension of Seoul Subway Line 7 to Cheongna, construction of the Incheon Maritime Museum, establishment of a public children's rehabilitation hospital, and the introduction of a global aviation MRO program at Polytech University."