Securing a 500 Million Won Grant Incentive
Namwon City in North Jeolla Province secured a 500 million won grant incentive after receiving the "Prime Minister's Award" at the 18th Korea Local Finance Awards hosted by the Ministry of the Interior and Safety on December 16.
Namwon City received the "Prime Minister's Award" at the 18th Korea Local Finance Awards hosted by the Ministry of the Interior and Safety on the 16th. Photo by Namwon City
According to the city on December 17, the Korea Local Finance Awards are held annually to enhance the efficiency and soundness of local financial management and to discover and disseminate outstanding policy cases. The Prime Minister's Award is given to local governments nationwide that have achieved exceptional results.
The city presented a case study in the budget-saving category under the theme "The Miracle of Abandoned Buildings: Increasing Visits to Areas Facing Population Decline and Budget Savings." Namwon City was highly praised for efficiently regenerating unused and abandoned buildings, which led to both an increase in local visitors and fiscal savings.
To address the issue of abandoned buildings, which has been cited as a factor in population decline and regional stagnation, the city has pursued a strategy of maximizing the use of existing public assets.
By redesigning the functional use of spaces with minimal fiscal input, Namwon City reduced unnecessary construction and maintenance costs and created spaces tailored to local characteristics and demand, thereby attracting tourists and new residents.
This policy has been recognized as an effective example of financial management that alleviates fiscal burdens through public asset reuse while also addressing the structural challenges of areas facing population extinction. In particular, it has been highlighted as an exemplary case that can be expanded to other local governments, as it ensures both fiscal efficiency and sustainability.
The Ministry of the Interior and Safety stated, "Namwon City's case is a model example of local financial management, actively utilizing existing public assets to reduce budget expenditures and revitalize the region. It is a creative and sustainable policy in response to the crisis of population extinction."
A city official commented, "Winning the Prime Minister's Award is the result of achieving both fiscal innovation and a response to population decline by utilizing idle assets despite limited resources. The 500 million won grant incentive we have secured will be used for projects that citizens can directly benefit from and to further strengthen fiscal soundness."
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