Gyeonggi Province Submits 39.2006 Trillion Won Supplementary Budget to Council to Support Public Welfare and Economic Recovery

On May 30, Gyeonggi Province submitted its first supplementary budget proposal for 2025 to the Gyeonggi Provincial Council, increasing the total budget by 478.5 billion won to reach 39.2006 trillion won compared to the original budget for this year.

This supplementary budget was formulated to help restore the livelihoods of residents and the local economy, which have been impacted by the ongoing economic slowdown, and to prepare response measures for changes in the global trade environment.

Gyeonggi Province plans to focus financial resources on a wide range of areas, including public welfare initiatives such as local currency issuance and transportation subsidies, future growth investments centered on the semiconductor (fabless) industry, support for export companies to address trade crises, and major social overhead capital (SOC) investments.

Key allocations for public welfare and economic recovery include 29.9 billion won to support local currency issuance, 14.4 billion won for the Gyeonggi Pass, 6 billion won for transportation subsidies for children and teenagers, and 45.9 billion won for the construction of public rental housing and the purchase and lease of existing homes, totaling 159.9 billion won.

Gyeonggi Provincial Government

Additionally, to strengthen future industrial competitiveness, the province allocated a total of 68.9 billion won, including 4.1 billion won to support fabless mass production and workforce development, 600 million won for fabless prototype development, 1.2 billion won for operating a semiconductor technology center, 8.5 billion won for a trade crisis response package, 5 billion won for a startup global fund, 1.3 billion won for fostering global export companies, and 1 billion won to support entry into promising overseas distribution networks.

For major SOC projects to revitalize the local economy, the province allocated 65.8 billion won for national and local road projects, 6 billion won for road alignment improvement projects, 39 billion won for local river maintenance, and 29.9 billion won for sewage pipeline maintenance, totaling 153.4 billion won.

This first supplementary budget proposal will be reviewed at the 384th regular session of the Gyeonggi Provincial Council, which will be held from June 10 to June 27, 2025.

Heo Seungbeom, Director General of Planning and Coordination for Gyeonggi Province, stated, "This supplementary budget proposal is essential for restoring the local economy, strengthening the foundation for future industries, and revitalizing the regional economy. We have had thorough prior consultations with the provincial council," adding, "We will continue to work closely with the council throughout the review process and ensure that, once the budget is finalized through the review procedures, it will be executed promptly and thoroughly prepared."