JEJU-DO < invest Korea

According to Yonhap News,

Jeju-do announced on December 3 that the national budget for 2022 was finally confirmed at KRW 1.68 trillion, an increase of KRW 12.7 billion, 9 cases from the originally submitted budget of KRW 1.6709 trillion after the National Assembly Deliberation.

It is an increase of KRW 199.7 billion (13.5%) from the previous year's KRW 1.483 trillion national budget.

In particular, KRW 500 million was newly incorporated for the 'Jeju Circular Resources Innovation Cluster Establishment Basic Plan Establishment Service Fee' to create a recycling industrial complex to use wastes such as waste plastic, vinyl, waste electric vehicle batteries and solar panels generated from Jeju as resources.

It is expected to induce Jeju's transition to a zero-waste and eco-friendly circular economy society.

KRW 1.1 billion, a 'basic and detailed design service cost for the revitalization of the April 3 Peace Park', Jeju's long-waited project, which failed to make it to the government plan because the basic research service was not yet completed, was also incorporated.

Other major projects that saw an increase in budget at the National Assembly include establishment of a basic plan for Jeju Circular Resources Innovation Cluster (KRW 500 million), basic and detailed design services for the revitalization of the April 3 Peace Park (KRW 1.1 billion), and follow-up measures on the revision of the 4·3 Special Act (KRW 1.49 billion), among others.

bjc@yna.co.kr

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Source: Yonhap News (December 3, 2021)