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Gwangju City secures largest ever budget: 2.22 trillion won for next year

Name : adminDate : 2019-09-09 10:4131
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Asia Culture CenterAsia Culture CenterThe 39th Anniversary of May 18 Democratic Uprising CeremonyThe 39th Anniversary of May 18 Democratic Uprising Ceremony
Gwangju City secures largest ever budget: 2.22 trillion won for next year

| Government budget proposal for 2020 shows increase of 205.6 billion won (10.2%) from previous year
| New projects worth 149.2 billion won; twice as much as last year
| Focus on accelerating innovative growth for investment-oriented economy
| Reflects current projects such as creation of AI integration complex, world swimming championships legacy, etc.

Gwangju Metropolitan City secured its largest ever government budget for pending projects next year, worth over 2.2 trillion won in state funds.

At the Cabinet meeting on the 29th, the government finalized its 513.5-trillion-won budget for next year, including 2.22 trillion won earmarked for 263 pending Gwangju projects. The budget will be submitted to the National Assembly on September 3rd. It marks an increase of 205.6 billion won (10.2%) compared to 2.149 trillion won in 2019, with 149.2 billion won for 78 new projects and 185 ongoing projects worth 2.713 trillion won.

In particular, the government budget proposal for next year contains new projects seeking to vitalize the economy in connection with the fourth industrial revolution. As a result, Gwangju achieved great success in securing 149.2 billion won for 78 projects next year, up by 87.6 billion won (149%) from the 61.6 billion won for 44 projects this year. Next year’s budget for Gwangju is mainly focused on the direction of government investment, such as job expansion, accelerating innovative growth, and strengthening the social safety net to secure national expenditure.

Gwangju Mayor Lee Yong-sup stressed the importance of securing the budget, saying: ”We need to secure sufficient national expense for next year in order to stably push forward with the pending and ongoing projects, and the budget is proportional to the wear-out of shoes.” At the Blue House, Mayor Lee had the chance to explain the needs and urgency of regional issues with Prime Minister Lee Nak-yon, local members of the National Assembly, the Minister of Economy and Finance Hong Nam-ki, and ministry executives, along with public officials.

In the process, the local members of the National Assembly played a significant role in securing the funds by sharing information with Gwangju and managing major projects while maintaining regular contact with the relevant departments.

The most significant achievement of the 2020 government budget for Gwangju is the establishment of a foundation for stable state funding by securing 149.2 billion won for 78 new industrial innovative growth acceleration projects including ▲development of industrial convergence complex centered on artificial intelligence (42.6 billion won), ▲creation of a demonstration base for life-care robots (3.2 billion won), ▲construction of a demonstration center for senior course-medicare (2.5 billion won), ▲establishment of a research and development base for quantum information communication (2.2 billion won), ▲development of care technologies for optical neural network systems for next-generation smart cities (1.5 billion won), and ▲development of 5G-based Asian smart-tourism road with culture stations (2.5 billion won) for economic vitality.

In addition, Gwangju successful hosting of the 2019 FINA World Swimming Championships was reflected in infrastructure expansion and legacy projects including ▲the establishment of the Korea Swimming Promotion Center (600 million won) and ▲the creation of a national swimming competition (500 million won) to provide a turning point for the development of Korean swimming.

◈ Details of secured expenses by sector
○ Cultural and tourism projects to create Asian Culture City
Eighty-one projects with 158.3 billion won including: development and operation of Asia Culture Center contents (46.3 billion won); improvement of Gwangsan street related to the construction of Asia Culture Center (13.4 billion won); and creation of high-tech real-life content cluster (12.7 billion won).

○ Innovative growth acceleration projects such as regional economic revitalization and R&D
Eighty projects with 306.6 billion won, including: development of an industrial convergence complex centered on artificial intelligence (42.6 billion won); creation of a demonstration base for life-care robots (3.2 billion won); creation of an eco-friendly automobile parts cluster (37.9 billion won); and establishment of the Gwangju Labor-Management support center for accompanying growth (9.8 billion won).

○ Projects for social safety net expansion and clean environment
Forty-two projects with 1,389.3 billion won, including: health management support for newborns (2.8 billion won); installation of buffered undercurrent facility at Hanam industrial complex (9.8 billion won); creation of leading city for water circulation (8.6 billion won).

○ Social infrastructure expansion projects such as SOC facilities related to workplaces
Forty-two projects with 345.3 billion won, including: road establishment between Sangmu and Cheomdan industrial complex (4.5 billion won); opening of entrance road to Energy Valley (5 billion won); construction of Gwangju-Gangjin expressway (151.4 billion won); and urban regeneration project (37 billion won).

○ Other projects for the establishment of democratic human rights and safety systems
Eighteen projects with 21 billion won, including: project to commemorate the 40th anniversary of May 18 democratic uprising (1 billion won); special exhibition of May 18 democratic uprising at Venice Biennale (500 million won); Solomon Law Park construction (1.65 billion won); and improvements to Daenam-daero ring road (7.3 billion won)

◈ Plans to secure additional budget from review of National Assembly Budget

Gwangju City is not satisfied with the government budget proposal submitted to the National Assembly, and plans to secure additional budget for projects including: UNESCO World Geopark East Asia Platform project (2 billion won); Start-up Enterprise Growth Support Center (8.2 billion won); and Future Automobile Specialized Education Center (7 billion won) related to the delayed procedure of the National Assembly budget by the Central Investment Assessment. In addition, Gwangju City plans to establish a cooperative system with local members of the National Assembly so that the budget can be increased or added to during the National Assembly budget review process, and to strengthen visits to members of the Standing Committee and the Special Committee on Budget and Accounts in order to secure government budget for next year.