Incheon Secures Record-High 7.0863 Trillion Won in National Funding for Next Year, Up 9.5% from Last Year

【Financial News Incheon=Han Gab-soo】Incheon Metropolitan City Government secured 7.0863 trillion won in national funding in next year’s government budget proposal, surpassing 7 trillion won for the first time. The record-high amount is 612.8 billion won more than this year. Once the ordinary local allocation tax at the end of the year is included, Incheon’s national funding is expected to reach 8 trillion won.
Incheon Metropolitan City Government announced on the 7th that 7.0863 trillion won in national funding had been included in next year’s government budget proposal. This is 186.3 billion won, or 2.7%, more than the city’s initial target of 6.9 trillion won. Compared with the 6.4735 trillion won secured this year, the amount increased by 612.8 billion won, or 9.5%.
By sector, the budget focused on key strategic projects aimed at securing Incheon’s future growth engines, as well as transportation infrastructure and welfare programs.
The city secured funding for its so-called “ABC+E” strategic projects involving artificial intelligence and blockchain, bio, culture and content, and energy. A total of 8.8 billion won was allocated for establishing an artificial intelligence and blockchain hub and developing autonomous manufacturing systems, while 13.2 billion won was allocated for Global Bio Campus education and 2.5 billion won for developing region-specific content. A total of 126.3 billion won will be invested in the distribution of electric and hydrogen vehicles.
A substantial amount of national funding was also allocated to expand transportation infrastructure. The Seoul Metropolitan Area Great Train Express (GTX)-B line received 366.2 billion won, while 203.2 billion won was allocated for the construction of the Gyeyang–Ganghwa Expressway, 44 billion won for the construction of the congestion-relief road between Gongdan Overpass and Seoincheon IC, and 33 billion won for the Seochang–Ansan Expressway. Another 7.6 billion won was allocated to six road construction projects, including the Aam Underpass construction project.
Funding was also secured for welfare programs closely tied to residents’ daily lives. The budget includes 268.9 billion won for childcare subsidies for infants and young children, 25.9 billion won to support residential facilities for people with disabilities, and 18.6 billion won for customized care services for older adults.
In particular, many of the key projects that Mayor Park Chan-dae personally requested during his meeting with Park Hong-keun, Minister of Planning and Budget, on July 24 were included in the government proposal.
They include the GTX-B line, the KTX line originating from Incheon, and the Gyeyang–Ganghwa Expressway, as well as support for Incheon e-Eum, a local gift certificate program; the redevelopment of Incheon Inner Port Piers 1 and 8; natural disaster risk reduction projects; support for automotive cybersecurity certification assessments; and support for future connected cars.
However, the government subsidy program did not include 62.6 billion won for supporting the transition to and establishment of the Incheon-style administrative system, 4 billion won for creating a quantum bio mega-cluster, 7.4 billion won for expanding the public wastewater treatment facility at I-Food Park, 500 million won for a feasibility study on creating a marine industry ecosystem to establish the Incheon Marine and Fisheries Industry-University Promotion Institute, 6 billion won for demonstrating AI-based greenhouse gas reductions in the transportation sector, or 4.8 billion won for incorporating metropolitan buses into the Metropolitan Transport Commission’s semi-public operating system and providing national funding.
The city plans to hold a budget policy consultation with the Democratic Party of Korea this month to secure additional funding during the National Assembly’s deliberations for projects not included in the government budget proposal. It also plans to work closely with local lawmakers and members of the Special Committee on Budget and Accounts of the National Assembly to make every effort to increase national funding.
Mayor Park Chan-dae said, "We secured funding directly tied to residents’ lives, including ABC+E, a core strategy for Incheon, transportation infrastructure, and Incheon e-Eum," adding, "We will focus the funding on improving people’s livelihoods and strengthening Incheon’s future growth engines."

[email protected] Han Gab-soo Reporter