Gwangyang Free Economic Zone Authority Reviews and Approves Budget at Free Economic Zone Council Meeting

988 Billion Won Budget Allocated for Next Year

The Gwangyang Bay Area Free Economic Zone Authority (Commissioner Koo Chunggon, hereafter referred to as Gwangyang FEZ Authority) announced that it held the 146th Gwangyang Bay Area Free Economic Zone Joint Committee (Chairman Kang Jeongil) special session on December 18 in the Situation Room on the 2nd floor of the Gwangyang FEZ Authority. During the session, two agenda items were reviewed and approved: the 2nd supplementary budget for revenue and expenditure for 2024, and the revenue and expenditure budget for 2025.

The 2nd supplementary budget for 2024 is set at 237.8 billion KRW (27.6 billion in the general account and 210.2 billion in the special account), reflecting adjustments to certain project budgets due to changes in execution conditions. In order to minimize remaining balances, budgets for unexecuted projects were reduced, and a new budget was allocated for a study on the establishment and operation plan for buffer storage facilities in Yulchon Industrial Complex 1.

The Gwangyang Bay Area Free Economic Zone Authority held an extraordinary meeting of the association on the 18th to review and approve the second supplementary budget for revenue and expenditure for 2024 and the revenue and expenditure budget for 2025. Provided by Gwangyang Free Economic Zone Authority

The revenue and expenditure budget for next year has been set at 98.8 billion KRW (40.9 billion in the general account and 57.9 billion in the special account), a decrease of 65.9 billion KRW compared to the previous year.

In particular, new budgets were allocated for the second phase of the internal arterial road in Saepoong Industrial Complex and for changes to the development plan of the Free Economic Zone. In addition, budgets for various infrastructure projects, such as the construction of the access road to the Gyeongdo District and the modernization of the main drainage station in Yulchon Industrial Complex 1, were increased.

Chairman Kang Jeongil (Jeonnam Provincial Council member, Gwangyang) emphasized the importance of smooth promotion of the Authority's core mission of attracting investment and stable organizational management. He stressed the need for keen interest in the budget related to investment attraction and requested thorough budget planning and execution to prevent carryover budgets from occurring.

Vice Chairman Kim Guyoun (Gyeongnam Provincial Council member, Hadong) highlighted the importance of efficient and practical budget planning and called for detailed reviews of individual projects, such as promotional expenses. He also requested a review of the schedules for deliberation on the 2nd supplementary budget and the main budget.

Committee member Choi Dongik (Jeonnam Provincial Council member, Yeosu) requested that the study for the landscape plan, which is conducted every ten years, be carried out thoroughly and systematically. He also urged that the plan for the second phase of the internal arterial road in Saepoong Industrial Complex be well established to ensure the construction of infrastructure within the complex is carried out successfully.

Committee member Jung Younggyun (Jeonnam Provincial Council member, Suncheon) emphasized the importance of building infrastructure for water supply within the industrial complex and called for efforts to establish a mid- to long-term water supply plan in preparation for climate change.

Koo Chunggon, Commissioner of the Gwangyang FEZ Authority, stated, "We will actively reflect the opinions of the committee members in our work and devote all our efforts to ensuring that tangible results are achieved in the development of industrial complexes and attracting corporate investment."