Universal Studios South Korea Infrastructure Support Shows 'Red Light'... National Treasury Funds Completely Cut

It has been revealed that approximately 14% of the national treasury subsidy projects for next year requested by Gyeonggi Province—including 25 billion won in support for infrastructure for Universal Studios South Korea (USKR; International Theme Park) in Hwaseong—was reduced during the deliberation process of central government ministries.

Out of the 6.1559 trillion won (589 projects) in national funds that the Province applied for next year, the amount reflected by central government ministries was only 85.9%, reaching 5.2879 trillion won (563 projects) as confirmed on the 10th.

Business expenses totaling 868 billion won were cut at the first stage of government deliberation.

By project, the 25 billion won in infrastructure project costs for the international theme park and 11.8 billion won for the Korean Peninsula Eco-Peace Belt project were not fully reflected, while the 50 billion won for the Seongnam~Janghowon (Section 2) road project and the 40 billion won for the Daegok~Sosa double-track railway construction were all reduced.

The advanced water treatment facility installation cost was found to have only 2.5 billion won—5% of the total 51.1 billion won—reflected.

For the opening of national roads (9 locations) and metropolitan roads (4 locations), only 103.6 billion won (49%) of the 210.1 billion won was submitted to the Ministry of Economy and Finance. The Guri~Pocheon private sector expressway project also saw 323.7 billion won—77% of the requested 422.1 billion won—cut.

As the national fund reflection rate fell short of expectations, the Province decided to intensify persuasion efforts during coordination work between the Ministry of Economy and Finance and government ministries. The plan is to maintain a cooperation system with regional members of the National Assembly and others.

Next year's national funds will complete government deliberation by October, then go through National Assembly review in December before final confirmation.

A Provincial official stated, "Due to tight government finances from increased welfare spending, the international theme park infrastructure costs were not reflected during the ministry deliberation process," and added, "We will respond strategically against the Ministry of Economy and Finance and others until the final confirmation of national funds at year-end."

Meanwhile, the Province received 4.2856 trillion won—71.7% of the requested amount (5.979 trillion won)—in national funds this year.