Pyeongtaek City Announces Emergency Measures Amid Impeachment and Economic Uncertainty

Announcement of 'Comprehensive Economic Stabilization Measures'... Early Fiscal Execution and Local Currency Issuance
Mayor Jeong Jang-seon: "We Will Use All Means to Revive the Local Economy"

Pyeongtaek City in Gyeonggi Province has announced a comprehensive plan to revive the local economy. This urgent response comes amid growing global economic uncertainties and concerns over economic downturn following the presidential impeachment.

Jeong Jang-seon (center), Mayor of Pyeongtaek, is announcing a comprehensive economic stabilization plan through an online briefing on the 17th. Photo by Pyeongtaek City

On the 17th, Mayor Jeong Jang-seon held an online briefing to unveil the 'Comprehensive Economic Stabilization Plan,' consisting of six sectors aimed at economic recovery. Mayor Jeong stated, "The local economy is facing significant difficulties due to the impeachment crisis and weakened consumer sentiment," adding, "The city will utilize all available means to initiate efforts for economic recovery."

The measures revealed by Mayor Jeong during the briefing cover six areas: ▲budget execution ▲local commercial districts ▲local businesses ▲vulnerable groups ▲culture and arts ▲agriculture.

First, the city plans to accelerate budget execution across all sectors in the first half of the year to stimulate the local economy. In particular, it aims to expand public procurement and increase purchases of products from local companies and small business owners.

To revitalize commercial districts, the city is also considering measures such as providing consumption support funds through local currency and additional incentive support. Although the entire budget for local currency was cut from next year’s government budget, the city intends to secure funding by reducing other non-essential budgets. To this end, Pyeongtaek City plans to actively cooperate with the city council to explore ways to utilize local currency.

For local commercial district revitalization, the city will implement ▲support for installment payments of overdue local taxes for small businesses and micro-enterprises ▲reduction of road occupancy fees ▲and one hour of free parking at all 50 public parking lots within the city.

Measures to support businesses have also been prepared. The city will strengthen the obligation for local construction companies to participate in public projects and enhance communication with business operators to encourage local company participation in private projects. To address job supply and demand issues, the city will hold job fairs and consider supporting wages for social enterprises.

For vulnerable groups, the city plans to implement ▲reductions in public energy charges ▲and provide up to 240,000 KRW annually in transportation subsidies for seniors aged 70 and above. In the cultural sector, measures include ▲increasing the Cultural Nuri Card support fund (from 130,000 KRW to 140,000 KRW) ▲and providing opportunity income for artists and athletes.

Additionally, the city announced support measures for farmers and fishermen, including ▲rapid payment of opportunity income ▲stable loans for farming and support for fertilizer price stabilization ▲realistic support funds for purchasing farming materials ▲and support for aging inland fishing vessels.

Mayor Jeong emphasized, "Beyond this plan, we will closely cooperate not only with the government and Gyeonggi Province but also with major local corporations such as Samsung Electronics and LG Electronics to find ways to revive the local economy."