6.3921 Trillion Won in National Funding for Incheon Included in Government Budget Proposal... Largest Ever

On September 4, Incheon City announced that a total of 6.3921 trillion won in national funding related to Incheon has been included in the government’s budget proposal for next year, which was submitted to the National Assembly. Of this, 5.3379 trillion won is allocated to government-subsidized projects, and 1.0542 trillion won to projects directly managed by the state.

The amount of national funding reflected in the government’s budget proposal represents an increase of 522.4 billion won (8.9%) compared to the 5.8697 trillion won secured this year, marking the largest amount ever. The city explained that this performance exceeds the overall government budget growth rate of 8.1%.

Incheon City Annual National Budget Securing Status

By sector, major transportation infrastructure improvement projects include 114.2 billion won for the KTX line departing from Incheon, 140.5 billion won for the extension of Seoul Subway Line 7 to Cheongna, 309.5 billion won for the construction of the GTX-B metropolitan express railway line, 313 billion won for the construction of the Gyeyang-Ganghwa Expressway, and 1.8 billion won for the undergrounding of the Gyein Expressway.

In addition, new industries and future growth foundation projects include 15.3 billion won for the distribution and expansion of smart villages, 49.6 billion won for the supply of hydrogen electric vehicles, and 44.2 billion won for the establishment of the K-Bio Lab Hub.

Projects for balanced regional development and support for border areas include 3.8 billion won for the construction of a small airport on Baengnyeong Island, 10.7 billion won for comprehensive development support for the five West Sea islands, 28.6 billion won for the development of special situation areas, 1.7 billion won for the redevelopment of Inner Port Piers 1 and 8, and 1.2 billion won for compensation to residents affected by North Korean loudspeaker broadcasts.

On the other hand, among the projects that were not included or were reduced in the budget proposal, the city plans to push for additional funding during the National Assembly’s review process for key projects such as the establishment of an infectious disease specialized hospital in Incheon and the creation of a blockchain-specialized cluster. Incheon City intends to focus its administrative efforts on securing additional national funding by working closely with the Central Cooperation Office and local National Assembly members, as well as operating a national funding situation room.

Incheon Mayor Yoo Jeongbok stated, "A large portion of the budget has been allocated to projects that citizens will directly benefit from, such as the opening of the KTX line from Incheon and the expansion of the semi-public metropolitan bus system." He added, "We will do our utmost during the remaining National Assembly review process to further enhance citizens’ transportation and daily convenience, and to secure future growth engines."