South Korean provinces seek to increase 2027 national budget allocations

South Korean local governments, including Chungbuk and Jeonbuk provinces, are intensifying efforts to secure and increase their allocations in the 2027 government budget proposal during the National Assembly's review process.

Chungbuk Province has reported that its proposed budget for 2027 stands at 10.11 trillion won, a 6.4% increase from the previous year. The province aims to secure an additional 200 billion won through the parliamentary deliberation process. Key projects targeted for funding include the construction of a multi-purpose radiation light accelerator, a knowledge industry center, and the Cheonan-Cheongju Airport double-track railway.

Similarly, Jeonbuk Province has seen its 2027 budget proposal exceed the 10 trillion won mark for the first time. The province is collaborating with local lawmakers to advocate for increased funding for critical initiatives such as the Physical AI Valley, the Saemangeum K-Food Export Hub, and the establishment of a bio-factory for veterinary medicines. Jeonbuk is also seeking national policy support for the relocation of public institutions and the designation of the region as a financial hub.