Governor Kim Dong-yeon: "We Will Freeze Bus Fares and Provide Additional Heating Cost Support"

Gyeonggi Province Governor Kim Dong-yeon is attending the Gyeonggi Provincial Assembly's extraordinary session on the 7th and delivering a provincial government speech. Photo by Gyeonggi Province

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Kim Dong-yeon, Governor of Gyeonggi Province, stated that if necessary, he would prepare a supplementary budget to support the lower-income and middle-class citizens who are in the "heating cost blind spot." He also added that although fare increases for public transportation such as buses are being discussed nationwide, including Seoul, Gyeonggi Province will freeze bus fares.

Furthermore, he emphasized that guarantee support through the Gyeonggi Credit Guarantee Foundation, along with "interest rate differential compensation," will be steadily promoted to support small and medium-sized enterprises and small business owners. He also promised to attract future advanced industries such as semiconductors and bio industries on a scale of 100 trillion won during his term and to create second and third Pangyo-type Techno Valleys.

On the 7th, during the Gyeonggi Provincial Council's extraordinary session policy speech, Governor Kim pointed out, "South Korea is going backward now," and said, "While the IMF (International Monetary Fund) raised the global economic growth rate forecast for this year by 0.2 percentage points to 2.9% compared to last October, Korea's growth rate was lowered by 0.3 percentage points to 1.7%."

He continued, "Exports, which have been the backbone of our economy, have been negative for four consecutive months, and the trade balance in the first month of this year recorded a deficit of 12.7 billion dollars, the largest ever," lamenting, "(The problem is) there is no visible vision, strategy, or driving force on how South Korea will turn this crisis into an opportunity."

Therefore, he stressed, "Gyeonggi Province will focus the 8th term of the provincial government on 'livelihood' and 'future,'" and "We will actively implement policies for the lower-income, small and medium-sized enterprises, and small business owners."

Governor Kim first stated, "We will protect livelihoods by preventing the 'heating cost bomb,'" explaining, "Gyeonggi Province has quickly injected 20 billion won in contingency funds and disaster relief funds to provide warm support to 435,000 residents and 6,200 facilities, faster than the central government or any other local government, but this heating cost bomb issue is not limited to vulnerable groups; it is a matter causing suffering to the majority of our citizens, including the lower-income and middle class."

He particularly said, "Gyeonggi Province will consider preparing a supplementary budget if necessary to ensure that residents' survival is not threatened in the heating cost blind spot," and urged, "The central government should also take a greater sense of crisis and devise broader support measures for the lower-income and middle class who are suffering."

Governor Kim also mentioned the recently raised issue of bus fare increases.

He said, "With all-around price increases expected, fare hikes for public transportation are being discussed nationwide, including Seoul," and promised, "Gyeonggi Province will start by freezing bus fares and prepare mid- to long-term measures to improve the public transportation system thoroughly to ease residents' worries."

He added, "We will increase financial support for small business owners and protect local currency," emphasizing, "We will steadily execute guarantees from the 2 trillion won scale 'Gyeonggi Province Small and Medium Enterprise Development Fund,' which compensates up to 3% interest rate differential, and the 4.5 trillion won scale 'Gyeonggi Credit Guarantee Fund' to resolve the financial difficulties of small business owners and SMEs."

He further added, "If necessary, we will expand the scale of policy funds and guarantees and utilize all available policy tools."

Governor Kim also announced that he would actively promote attracting overseas investment worth 100 trillion won during his term.

He introduced, "Aiming to attract 100 trillion won in domestic and foreign investment during my term, we will create regional advanced industry clusters such as semiconductors, bio, advanced mobility, AI, and big data, and establish the second and third Pangyo Techno Valleys," and said, "In the past six months since taking office, we have already attracted or are in the process of attracting investments amounting to 5 trillion won from overseas alone."

Additionally, he emphasized, "We will actively respond to climate change and prepare for the future by achieving RE100 (using 100% renewable energy). Gyeonggi Province public institutions will be the first to achieve RE100, and newly established industrial complexes will be mandated to use only renewable energy, while existing industrial complexes will significantly increase the supply ratio of renewable energy."

Regarding the government's expansion of nuclear power generation, Governor Kim clearly opposed it, stating, "Excessive reliance on nuclear power raises international concerns about major accidents and safety," and added, "Considering issues related to high-risk nuclear waste, I question whether this is a 'sustainable energy policy.'"