Jeonnam Province, Budget of 9.05 Trillion Won... Maintaining the Era of 9 Trillion Won in National Funding

1.8%↑ Compared to Last Year... Rapid Execution Plan
Regret Over Unreflected Increased SOC Funding Requests

Jeonnam Provincial Government Office building. Provided by Jeonnam Province.

Jeonnam Province announced on the 11th that it secured a national budget of 9.05 trillion KRW for next year, maintaining the era of a 9 trillion KRW national budget for the second consecutive year.

This amount increased by 157.4 billion KRW (1.8%) through ministry public projects after securing 8.8928 trillion KRW in the government budget proposal.

The 2025 national budget secured by Jeonnam includes many key projects such as SOC that strengthen Jeonnam's potential and strengths, and future advanced strategic industries.

Main reflected projects include ▲ Honam High-Speed Railway Phase 2 with 269.2 billion KRW ▲ Electrification of the Gyeongjeon Line (Gwangju Songjeong~Suncheon) with 19 billion KRW ▲ Basic plan establishment cost of 3.7 billion KRW for Gangjin~Wando Expressway (Gwangju~Wando Expressway Phase 2) ▲ Design cost of 4 billion KRW for Mokpo Station railway facility relocation.

In particular, as new projects, 4 billion KRW was secured for the Mokpo Station railway facility relocation project, and 3.7 billion KRW for the basic plan establishment of Phase 2 of the Gangjin~Wando Expressway.

Also included are ▲ Eco-friendly agriculture direct payment system with 31.9 billion KRW, an increase of 9.1 billion KRW from last year ▲ Development cost of 4.4 billion KRW for petroleum chemical carbon-free fuel-based NCC process technology ▲ Design cost of 600 million KRW for fishery product regional distribution and logistics center ▲ Support of 3.2 billion KRW for the Yeosu World Islands Expo.

Additionally, 59 new projects worth 207.3 billion KRW to lead regional economic revitalization were secured as originally reflected in the government proposal.

However, due to cuts in the government budget, requests for additional funding for SOC projects such as the Honam High-Speed Railway were not reflected, making project delays inevitable.

Jeonnam Province requested an increase of 130 billion KRW for the Gwangju Songjeong~Mokpo Honam High-Speed Railway Phase 2 project, 17.2 billion KRW for the Boseong~Imseong-ri Namhae High-Speed Railway construction, 50 billion KRW for the Aphae~Hwahae national road, and 40 billion KRW for the Hwatae~Baekya national road, but these were not reflected.

Jeonnam Province plans to focus on stabilizing livelihoods and economic recovery, judging that consumption and private investment will continue to shrink due to the unstable domestic situation and increased uncertainty following the inauguration of the new U.S. administration, which has lowered South Korea's economic growth forecast to the 1% range for next year.

Regarding Jeonnam's total budget of 12 trillion KRW for next year, including the national budget, a rapid execution plan will be established by the end of December and executed as much as possible within the first quarter of 2025.

In particular, budgets related to the livelihood economy will be promptly executed to ensure that small and medium-sized enterprises, small business owners, farmers and fishermen, and vulnerable groups do not suffer difficulties, and if necessary, contingency funds for 2025 will be used to prepare livelihood measures.

Furthermore, as the government's supplementary budget for livelihoods is expected in the first half of 2025, efforts will be made to quickly discover projects related to livelihood stabilization and economic recovery and to secure budget reflection.

Jeonnam Governor Kim Young-rok said, "We will promptly execute the budget so that the urgent projects reflected in the 2025 national budget achieve results, and thoroughly manage administrative procedures," adding, "To proactively respond to securing the 2026 national budget, we will early discover new projects and develop persuasive arguments to continue the great leap forward and the era of happiness in Jeonnam."