BUSAN < invest Korea

The Busan Metropolitan Government announced that the city has secured KRW 9.23 trillion in state funds in next year's government budget, which was decided by the National Assembly on December 21.

The city explained that it is the largest ever, up KRW 495 billion (5.6%) from KRW 8.735 trillion secured in 2023.

Major projects include the construction of Gadeokdo New Airport (KRW 536.3 billion), the construction of a highway between Busan New Port and Gimhae (KRW 155.3 billion), and the establishment of Gadeokdo New Airport Construction Corporation (KRW 9.7 billion) in the logistical sector.

In the financial and start-up sectors, major projects include regional innovation projects based on cooperation between local governments and universities (KRW 30 billion), support for fostering Glocal University 30 project (KRW 20 billion), and the creation of a blockchain specialized cluster (KRW 3.3 billion).

Also included major projects are the development of export-type nuclear reactor (KRW 62.3 billion), the establishment of technology support for innovative growth in the export-led future car industry (KRW 3 billion), and 2.6 billion won for the creation and facilitation of an integrated green data center complex in the digital and new industries.

In the culture and tourism sector, the promotion of an international tourism city (KRW 10 billion), supporting the hosting of the Busan International Performing Arts Market (KRW 300 million), the Busan International Children's Book Fair (KRW 600 million), and the construction of the Busan Water Walkway (KRW 1 billion).

In addition, the project to modernize the Busan Common Fish Market (KRW 41.4 billion) in the safety and health sectors and the construction of an internal circulating urban highway in the transportation sector were also included (KRW 41.4 billion).

The city emphasized that all related departments made all-out efforts to persuade the government and the National Assembly to secure state funds.

pitbull@yna.co.kr

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Source: Yonhap News (December 21, 2023)