Jeju Province implements economic management and energy policy initiatives

Jeju Province is strengthening its economic management system to support small business owners. By utilizing an ‘alarm model’ that analyzes ten indicators—including income fluctuations, loan balances, and credit scores—the province aims to identify businesses at risk of management crisis. Currently, 5,238 businesses have been identified as being in a management risk group, and 683 are in a high-risk group. The province plans to provide customized support, including expert consulting and management improvement funds of up to 3 million won for selected businesses.

In the energy sector, Jeju officials met with the National Assembly’s Climate, Energy, Environment, and Labor Committee to request national support for the Chuja offshore wind power project. The province is seeking integration into the national power grid, exemptions for energy storage system (ESS) usage fees, and expanded financial support for electric vehicle transitions to achieve its 2035 carbon neutrality goal.

Additionally, the Jeju Provincial Council is scrutinizing the effectiveness of rental car supply control policies, noting that reliance on voluntary reduction has led to minimal impact. Concerns were also raised regarding a 2.2 billion won provincial project for an AI data center, with lawmakers questioning why the budget lacks specific provisions for the intended bio-industry ecosystem.