"From Corporations to Alleys": Jeonbuk State Moves to Build a Virtuous Economic Cycle

[Financial News, Jeonju — Kang In, reporter] Jeonbuk State has unveiled "a tangible economy that changes tomorrow" as the economic vision of its ninth popularly elected administration. It has set out to pursue a growth strategy that brings real changes to residents' daily lives and incomes.
Jeonbuk State said on the 27th that the region's gross regional domestic product stood at KRW 66.8 trillion in 2024, accounting for 2.6% of the national total and ranking seventh among the nine provinces.
The state is moving away from a growth model reliant on external resources and pursuing a self-reliant system in which local companies, capital and talent grow together. The key is to create a virtuous cycle in which companies that grow locally reinvest in the region, with the resulting benefits flowing to neighborhood businesses, jobs and residents' incomes.
The plan is to establish the necessary systems and infrastructure this year, launch investments and projects in earnest next year, and deliver tangible changes in residents' lives the year after that.
The strategy consists of 10 projects across three major areas. The three pillars—strengthening the foundation for self-reliant growth, fostering innovative local companies and revitalizing the people's livelihoods economy—are not separate initiatives. They are interconnected as a single ecosystem that creates capital, uses it to grow companies, and channels the companies' gains back into local neighborhoods.
The state will first build an investment ecosystem. Its plan is to connect Jeonbuk Growth, which executes investments; the Future Growth Fund, which raises resources; and the Third Financial Hub, where capital is concentrated, into a Jeonbuk-style investment pipeline. Jeonbuk Growth will serve as the region's investment control tower, overseeing fund investments, project financing for strategic industries and investments linked to private capital. It will lead the circulation of funds within the region and self-sustaining growth while enabling residents to participate as shareholders and receive returns.
To support growth based on self-reliant foundations, the Future Growth Fund plans to create a KRW 5 trillion fund with the participation of established local companies, financial institutions, and cities and counties. The Third Financial Hub will be developed around three specialized financial sectors—asset management, agri-bio, and climate and energy—by attracting financial institutions, training financial professionals and establishing a fintech promotion district. An international financial center will also be built.
Businesses will receive support tailored to each stage of growth. To help startups, including those founded by young people, achieve stable growth, the state will build Jeonbuk Startup Park, a comprehensive startup space. It will create a startup ecosystem offering support throughout the business life cycle, including space, funding, mentoring and help finding sales channels. The state also aims to foster 100 Jeonbuk-style star companies with annual sales of at least KRW 100 billion by expanding fund investments in companies with strong growth potential.
The people's livelihoods economy strategy focuses on strengthening small businesses and the self-reliance of neighborhood commercial districts. Starting in 2027, the state will help regional brands such as Jeonbuk Millennium Myeongga expand nationwide, while broadening their sales channels through online marketplace listings, content production and digital vouchers. A joint wholesale logistics center will be established to reduce logistics costs, and cashback benefits will be offered for using digital Onnuri gift certificates. Previously scattered support channels will be consolidated into the Mobile One-Stop Growth Support Center, which will provide assistance in one place from startup and business management to closure and a fresh start. A mobile task force will also operate, with experts visiting businesses in person.
Yoo Hee-sook, head of Jeonbuk State's Corporate Attraction Support Office, said, "A tangible economy is a single economic engine in which multiple policies mesh like gears," adding, "Together with cities and counties, we will ensure that our capital grows our companies and that their growth brings vitality to every corner of the region."


[email protected] Kang In Reporter