Kim Dong-yeon Proposes 'Three Emergency Management Measures for Korea,' Including '50 Trillion Won Super Livelihood Supplementary Budget' Before Lunar New Year

[Suwon Ilbo=Reporter Kim Gap-dong] Governor Kim Dong-yeon of Gyeonggi Province proposed 'Three Emergency Management Measures for the Republic of Korea,' including the implementation of a 50 trillion won 'Super Livelihood Supplementary Budget' before the Lunar New Year holiday.

Governor Kim held a New Year press briefing on the 13th, stating, "Politics has disappointed the people, the economy stands on the brink of collapse, and society is more divided and contentious than ever," and expressed concern, saying, "Our economy has become symbolized by the term '1% Economy,' and we have reached 'Triple 1%' with economic growth rate, export growth rate, and private consumption growth rate all in the 1% range, and an 'Economic Perfect Storm' is becoming a reality."

He continued, "The 'Yoon Seok-yeol Shock' and 'Trump Shock' have engulfed our economy. Therefore, if we fail to eliminate the 'Yoon Seok-yeol Shock' and do not respond well to the 'Trump Shock,' the Republic of Korea may disappear from the world economic map within a decade," and stated, "To resolve these issues, I propose 'Three Emergency Management Measures for the Republic of Korea' as extraordinary measures for our economy."

Governor Kim first announced that a 'Super Livelihood Supplementary Budget' should be implemented before the Lunar New Year holiday.

He said, "In December, I strongly argued for 'a supplementary budget of 30 trillion won or more,' but as more than a month has already passed, the longer we wait, the more money is needed. Now we need to increase it from 30 trillion to 50 trillion won," and added, "We must invest a minimum of 15 trillion won or more in the livelihood economy for small business owners and self-employed individuals, a minimum of 10 trillion won or more in livelihood recovery support funds that provide thicker and more extensive support to vulnerable groups based on income, and a minimum of 15 trillion won or more in future growth engines."

Governor Kim went on to say, "In a week's time, the Trump administration's second term will commence, but our government has no response system in place whatsoever, and companies are fending for themselves. We must build an 'Export Breakwater' to withstand the Trump wave of tariff bombs, exchange rate risks, and supply chain restructuring."

Toward this end, he stated, "First, we must immediately and temporarily eliminate import tariffs on raw materials for export and remove restrictions on trade insurance and exchange rate fluctuation insurance support limits for small and mid-sized export enterprises so they can receive unlimited support," and added, "We should provide subsidies comparable to those for foreign-invested enterprises for cutting-edge production facilities and R&D; investments in major export strategic industries, while designating a representative on our side like a 'Republic of Korea Economic Plenipotentiary' to deal with the Trump administration's second term."

In addition, Governor Kim proposed implementing three measures for 'Reviving Corporate Vigor.'

▲ Reintroduction of temporary investment tax credits ▲ Swift processing of business investment-related permits and approvals within the first half of the year ▲ Temporary suspension of tax investigations on businesses

Governor Kim emphasized, "We can do it, and we have the capability to turn crisis into opportunity," and stated, "We will surely overcome difficulties and transform the dark maze into a new path of hope. I too will fulfill my calling to open a new path."