Jeonnam Province Seeks to Revitalize Local Economy

Plan to Award 945.6 Billion Won Project... Provincial Website and Nara Market Public Disclosure

[Muan=Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] Jeonnam Province plans to revitalize the local economy by publicly disclosing this year's project order plans worth 945.6 billion KRW on the provincial website and the Nara Marketplace, and by guaranteeing the participation of local companies.

According to the province on the 7th, this year's orders amount to 877.2 billion KRW last year plus an increase of 73.4 billion KRW, totaling 945.6 billion KRW, consisting of 837.3 billion KRW for construction, 72.8 billion KRW for services, and 35.5 billion KRW for supplies. The disclosed information includes project names, order volumes, budget amounts, and ordering methods.

Gwangyang Okgokcheon River Disaster Prevention Project Site.
[Photo by Jeonnam Province]

The ordered projects include the Gwangyang Okgokcheon River Disaster Prevention Project worth 44.1 billion KRW, Boseong Joseongcheon River Disaster Prevention Project worth 42.5 billion KRW, and Muan~Mongtan Local Road Expansion Construction worth 20.2 billion KRW, totaling 934 cases. To revitalize the local economy, 96% of the orders, amounting to 911 billion KRW, are planned to be placed in the first half of this year.

Additionally, the order plan scale for 22 cities and counties increased by 507.1 billion KRW compared to last year, reaching 3.1859 trillion KRW. This will also be disclosed on each city and county website and concentrated orders will be placed in the first half of the year.

Lee Cheonyeong, head of the Jeonnam Province Accounting Division, said, “We will actively utilize local company protection systems according to relevant laws during various contracts to support local companies facing difficulties due to high inflation and high interest rates.”

Jeonnam Province has decided to guarantee at least 49% joint contracts with local companies in construction bids and at least 70% participation of local companies in construction subcontracting to protect local companies. In addition, priority purchasing from in-province manufacturers and awarding additional points based on local company participation rates during qualification evaluations are being operated for supplies procurement.

Furthermore, measures such as the reduction of contract deposit and bid bond rates, which were temporarily implemented since 2020 to overcome the COVID-19 economic crisis, will be extended until the end of June.