Gyeonggi Provincial Assembly Democratic Party: "We Will Support the Lee Jaemyung Administration with the Supplementary Budget for People's Livelihood"

The Democratic Party of Korea at the Gyeonggi Provincial Assembly stated, "Through the first supplementary budget for people's livelihood by Gyeonggi Province and the Gyeonggi Provincial Office of Education, we will help accelerate economic recovery under the Lee Jaemyung administration."

On June 10, the Democratic Party at the Gyeonggi Provincial Assembly released a statement, saying, "We have always focused on the recovery of the people's economy during budget reviews, and together with Democratic Party members of the provincial assembly, we will do our utmost to support the success of the Lee Jaemyung administration and revitalize the local economy through policy support."

Previously, Gyeonggi Province submitted a supplementary budget proposal of 39.2 trillion won to the provincial assembly, which is an increase of 478.5 billion won compared to the main budget for this year.

In this supplementary budget proposal, Gyeonggi Province allocated 160 billion won for the recovery of the local economy and support for the economic stability of ordinary citizens, 51.6 billion won for strengthening future industrial competitiveness such as building a semiconductor ecosystem and supporting export companies, and 15.3 billion won for social overhead capital (SOC) investment to boost the local economy and strengthen infrastructure.

Gyeonggi Provincial Government and Gyeonggi Provincial Assembly

Additionally, the supplementary budget includes 29.9 billion won to support the issuance of local currency, 14.4 billion won for The Gyeonggi Pass, 2.2 billion won for support of child care facilities, as well as semiconductor-related budgets such as 4 billion won to support mass production linked to demand for fabless companies in Gyeonggi Province and 1.2 billion won for operating the Gyeonggi Semiconductor Technology Center. These semiconductor projects are also connected to President Lee Jaemyung's presidential pledge to make Korea the world's number one in semiconductors and to build a national cluster.

Regarding this, the Democratic Party at the provincial assembly said, "We welcome the supplementary budget proposal of the 8th popularly elected provincial government and agree with the active pursuit of expansionary fiscal policy."

In particular, they added, "We will make it our top priority to secure a budget that can breathe new life into the local and ordinary citizens' economies, which have rapidly collapsed following the 12·3 Martial Law Incident."