Busan City Sets 16.6921 Trillion Won Budget for Next Year... 6.3% Increase from Last Year

"Realizing a Citizen Happiness Global Hub City"

Busan City (Mayor Park Hyung-jun) announced on the 11th that it has prepared the next year's budget plan amounting to 16.6921 trillion KRW, an increase of 6.3% compared to last year.

Busan City stated that although the financial conditions for next year are expected to be unfavorable due to the real estate market slump and delayed domestic demand recovery, active fiscal policies are necessary. Therefore, the budget was expanded compared to this year while maintaining stable financial management.

According to Busan City, based on the forecast of the 2025 economic trends, the budget will be managed stably to avoid tax revenue deficits, and national subsidies were secured at 6.5868 trillion KRW, a 10.2% increase from this year. Additionally, the budget was expanded to provide more robust welfare and to revive the sluggish Busan economy, while keeping the management debt ratio at an appropriate level.

The direction for next year's budget formulation focuses on realizing a "Global Hub City where citizens are happy" by enhancing public support and economic vitality, securing sustainable future growth engines for Busan, and strengthening urban competitiveness.

The budget was allocated with selection and concentration in five areas: Citizen Happiness City, Global Digital and New Industry City, Global Logistics and Hub City, Global Finance and Startup City, and Global Culture and Tourism City.

First, 8.1974 trillion KRW was allocated to realize Busan as a Citizen Happiness City where everyone wants to live.

6.8068 trillion KRW was allocated to realize Busan-style welfare and care, promoting broader and deeper welfare and care services.

669.4 billion KRW was allocated for creating a citizen safety city and realizing housing welfare. Plans include realizing daily life where health and safety coexist and expanding housing welfare support.

945 billion KRW was allocated to expand the Citizen Happiness 15-Minute City project to build good social relationships.

3.494 trillion KRW was allocated for creating a green carbon-neutral city, focusing on realizing a nature-friendly and carbon-neutral city.

2.233 trillion KRW was allocated to create a smart public transportation-friendly city, aiming to establish a sustainable smart public transportation-friendly city.

540 billion KRW was allocated to implement citizen-centered communication and participation governance, innovating urban public design and realizing citizen-centered communication and participatory governance.

Next, 1.6853 trillion KRW was allocated to enhance economic vitality and realize Busan as a global hub city that will be the future growth engine of Busan.

First, 446.7 billion KRW was allocated to create a global digital and new industry city.

189.8 billion KRW was allocated for boosting the local economy and stabilizing livelihoods. This budget aims to invigorate the sluggish local economy and promote livelihood stability through strengthening and supporting competitiveness of small business owners and others.

115.9 billion KRW was allocated for attracting investment and establishing a digital innovation foundation, aiming to activate strategic investment attraction and build a digital innovation base.

141 billion KRW was invested in advancing core industries and fostering future new industries, aiming to upgrade local core industries into new growth industries and nurture future new industries to develop Busan into a global new industry city.

Second, 402.6 billion KRW was allocated to leap forward as a global logistics and hub city.

21 billion KRW was spent on establishing core infrastructure for a global hub city, laying the foundation for Busan's global hub city development.

84.2 billion KRW was allocated for fostering a global marine and port hub city. Through North Port redevelopment and upgrading the shipping and port industry, Busan will be developed as a global center for new marine industries.

297.4 billion KRW was allocated for urban space innovation and infrastructure expansion, aiming to create new growth axes in the city center through urban space innovation and realize balanced urban development by establishing a three-dimensional connection network.

Third, 323.9 billion KRW was invested to create Busan as a global digital finance city and startup city.

42.3 billion KRW was allocated to establish a digital finance hub and startup city, expanding the foundation as a digital finance center and creating a city where people want to start businesses, nurturing Busan as a leading financial center in Asia.

99.6 billion KRW was allocated for creating a youth settlement city, aiming to make Busan a city where young people are happy and settle down.

182 billion KRW was allocated for creating a leading city for industry-academia cooperation, aiming to develop Busan into a regional innovation and industry-academia cooperation leading city through university innovation.

Finally, 512.1 billion KRW was allocated for creating a global culture and tourism city.

Among this, 215.2 billion KRW was allocated for creating a cultural and arts city, realizing a refined cultural and arts city that everyone can enjoy.

226.5 billion KRW was invested in creating a global video, content, and community sports city, aiming to establish a global paradise city for video, content, and community sports.

70.4 billion KRW was allocated for creating a global tourism and MICE city, aiming to leap forward as a world-class global tourism and MICE hub city.

Busan Mayor Park Hyung-jun said, "As we started the 8th term of the elected government, the promises we made are bearing fruit one by one. We have worked hard to faithfully include related projects in this budget plan so that all Busan citizens can be happy and Busan becomes a city where people want to stay and live."

Busan City Hall.