2024 Provincial Budget Report Opening Doors of Opportunity for Youth

[Suwon Ilbo=Reporter Kim Gab-dong] Governor Kim Dong-yeon of Gyeonggi Province held a press conference in August marking the second half of his eighth-term administration, stating that he would become an "economic problem solver" to address the economic, low birth rate, and climate challenges facing South Korea through "humanomics" centered on people, while taking on new initiatives and challenges. In doing so, he announced key projects in four areas: opportunity, care, climate, and peace economy. Gyeonggi Province showcased various policies this year to realize humanomics, and many garnered attention from provincial residents. Over 16 installments across four themes—opportunity, care, climate, and peace—we review what policies were implemented.

(1) Opportunity – Major Youth Policies of Gyeonggi Province

"Don't be afraid of falling on your backside or striking out. Take on challenges." (October 8, at the 'Gyeonggi Province KB Good Job Festival')

"I don't want to tell you to 'work hard.' I hope you live each day happily." (October 30, at a gathering with overseas students at Eindhoven University of Technology in the Netherlands)

These are the words Governor Kim Dong-yeon of Gyeonggi Province directed to the youth of this era—people who have lived diligently yet repeatedly face frustration. This year, Gyeonggi Province pursued various policies to provide young people with opportunities to take on new challenges, to pursue work they have wanted to do, and to have hope.

■Providing Opportunities for Experience and Challenge through the 'Youth Opportunity Package'

The 'Youth Opportunity Package' refers to four newly established programs created by Gyeonggi Province in its eighth-term administration to provide opportunities to young people: △Gyeonggi Youth Ladder △Gyeonggi Youth Gap Year △Gyeonggi Youth Opportunity Ladder Finance △Gyeonggi Youth Capacity Building Support.

The 'Gyeonggi Youth Ladder Program' provides young people with overseas university training experiences to address educational disparities and creates diverse career development opportunities. This year, the program operated at nine universities in five countries.

A total of 270 young people participated in language classes, cultural experiences, and team projects from July to August at △University of Michigan, University at Buffalo, University of Washington, and UC San Diego in the United States △University of Sydney and University of Queensland in Australia △University of Edinburgh in the United Kingdom △National University of Singapore △Peking University in China. The program attracted significant interest with a recruitment competition rate of 29.5 to 1.

The 'Gyeonggi Youth Gap Year Program' provides capacity building training, mentoring, and project support funds to help young people pursue what they want to do while crystallizing their dreams. This year, 903 individuals were selected for the program and gained opportunities to explore their career paths. A final 765 participants completed 589 projects across various fields including design, education, music, social welfare, artificial intelligence, travel, and environment.

Kim Dong-wook, who suffered paralysis in his right arm due to an accident, reinterpreted his story captured in an Instagram webtoon as pop art and held an exhibition. Kim Ri-woo transitioned from being a hikikomori to carrying out a travel essay publication project. Additionally, diverse projects were showcased including donations to war refugees through merchandise production and sales, development of a simplified circuit manufacturing platform using artificial intelligence, and entrepreneurial challenges in music video production.

The 'Gyeonggi Youth Opportunity Ladder Finance' supports stable financial life for young people and is a financial product offering low-interest loans and preferential savings rates through a single account for young people aged 25 to 34 residing in Gyeonggi Province. With a loan supply scale of approximately 1 trillion won, it provides up to 5 million won for a maximum of 10 years. From October last year when applications began through November 27 of this year, 23,466 people applied and 117.3 billion won in loans were supplied.

The Gyeonggi Youth Capacity Building Support project supports up to 300,000 won in examination and course fees for 909 types of language and qualification exams for unemployed young people in the province. As of the end of October this year, the province provided support for 74,325 cases.

■Comprehensive Youth Support across Employment, Housing, Finance, and Welfare Sectors

'Gyeonggi Youth Overseas Employment and Startup Expansion (Gyeongchung Stars)' is a program that provides young people in the province dreaming of overseas employment and entrepreneurship with on-site experience at overseas companies. This year, in the first and second phases combined, a total of 197 people engaged in activities for four weeks in 12 countries including Los Angeles in the United States, Tokyo in Japan, Melbourne in Australia, and New Delhi in India.

Through customized programs reflecting regional characteristics including practical language training on-site, mentoring, job training, domestic company marketing internships in local markets, and participation in overseas exhibitions, participants gained practical experience necessary for global employment and entrepreneurship while experiencing overseas corporate culture.

Additionally, the province supports young people with a 'Youth Interview Allowance' providing up to 500,000 won to those participating in job interviews, 'Jeonse Deposit Return Guarantee Premium Support' providing up to 300,000 won to prevent damage from jeonse fraud, and 'Youth Welfare Points' providing up to 1.2 million won annually to employees of small and medium-sized companies, mid-sized companies, and small business operators in the province, offering comprehensive support across employment, housing, finance, and welfare sectors.

Lee In-yong, director of the Youth Opportunity Division, stated, "The province will continue to serve as a steadfast support for young people so they do not fear failure and can take on new challenges," adding, "Next year, we will prepare diverse opportunities and spare no effort in providing substantive support so that young people's dreams can become reality."