Jeonbuk State draws up next year’s 11.3533 trillion won budget proposal, aims to keep key issues on track

【Financial News, Jeonju = Kang In, reporter】 Jeonbuk Special Self-Governing Province has drawn up a 2027 budget proposal of 11.3533 trillion won, 352.2 billion won more than this year.
On the 10th, Jeonbuk State announced its plans for drawing up the first main budget of the ninth elected administration at the provincial government office.
The plan is to focus spending on business growth, nurturing future industries and stabilizing residents’ livelihoods. The aim is to build a virtuous cycle in which business growth leads to job creation, rising incomes and population inflows, delivering growth that residents can feel in their everyday lives.
The province’s priority in drawing up the budget proposal was to protect funding needed for residents’ lives despite difficult fiscal conditions and avoid missing opportunities for future growth. With local tax revenues falling and mandatory fiscal burdens rising, leaving limited funds available, it chose to adjust spending, use internal resources and make up the shortfall with local government bonds.
One standout priority is to leverage regional strengths to foster seven core industries: physical AI and robotics; semiconductor materials, components and equipment; new industries in renewable energy; agri-bio; biotechnology; defense; and carbon composites and root industries. The province will build an industrial ecosystem linking research and development to demonstration and production, and ultimately to business growth.
For the physical AI and robotics industry, the province will prioritize provincial funding to expand the industrial base and ensure smooth implementation of a national project worth 736.8 billion won over five years. Key projects include designing a physical AI demonstration complex (1.3 billion won), a corporate alliance (300 million won), demonstration infrastructure for AI robots in facility agriculture (1 billion won), and establishing a robot platform for construction sites (1.1 billion won), supporting the smooth implementation of national projects.
The province will also ensure the smooth advancement of long-standing priorities that have drawn attention, including Saemangeum development, expansion of metropolitan transportation networks, designation as a financial center, and the second relocation of public institutions.
The province will accelerate the expansion of Saemangeum’s business investment base and transport and logistics infrastructure. To support Hyundai Motor Group’s investment in Saemangeum, it allocated 5.3 billion won to supply land for lease in an industrial complex and 6.64 billion won to establish a corporate growth center in the Saemangeum Industrial Complex. It also earmarked 390 million won for cruise ship reception facilities, strengthening Saemangeum’s industrial and tourism infrastructure.
Lee Won-taek, governor of Jeonbuk State, said, “This budget is the first implementation budget of the ninth elected administration, designed to build on Jeonbuk’s strengths and connect business growth with job creation and higher incomes for residents.” He added, “We will build seven economic ecosystems and support local businesses in making a leap forward, delivering growth that residents can feel in their everyday lives.”


[email protected] Kang In Reporter