Park Hong-keun, Minister of the Ministry of Planning and Budget, stated on July 22 that "developing regions into new growth hubs is a key strategy for South Korea's sustainable growth."
During a meeting with city and provincial leaders at the Sejong Government Complex, Park shared the government's fiscal management policies and key investment directions. Eight local leaders, including those from Sejong and Busan, attended the meeting to discuss regional projects.
The Ministry plans to cultivate regions as next-generation growth centers to ensure South Korea's sustainable development. Park emphasized, "As the concentration in the capital region intensifies, national competitiveness weakens, making regional development a core strategy for sustainable growth. Now is the time for each region to leverage its industrial, talent, and locational strengths as part of a new national growth strategy."
The government aims to link three major mega-projects, future response funds, and large-scale landmark projects with regional strategic industries. This approach seeks to attract businesses and quality jobs to regions, creating a "virtuous cycle" of growth.
Park believes that the role of local governments is crucial for the government's investment strategy to yield tangible results. He stated, "The three mega-projects and the support for five key regions cannot be completed solely by government plans; local governments must take the lead in planning. I urge you to actively identify key projects linked to regional strategic industries."
Discussions on regional issues were conducted through one-on-one meetings between Park and the city and provincial leaders. Each leader presented local projects aligned with the government's investment priorities and expressed the need for financial and institutional support for their initiatives.
In response, Park assured that he would work with local governments to transform local ideas into feasible financial projects.
The Ministry plans to incorporate the feedback from this meeting into the 2027 budget proposal and key policies.
Finally, Park emphasized, "We will continue to engage in ongoing communication with local governments across all aspects of budget preparation and fiscal management to ensure that this meeting is not a one-time feedback session."
* This article has been translated by AI.
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