Gumi City Attracts 20 Trillion Won in Investment... "All-Out Push" to Revive Neighborhood Economy

Vision Briefing Held for the 9th Local Government Term
Three Key Innovations to Drive Economic, Residential and Spatial Development
Public-Private Cooperation to Revitalize the Local Economy

Gumi, North Gyeongsang Province, has launched a renewed push to revitalize its local economy, pursuing the development of future industries and the revitalization of neighborhood businesses in tandem, based on an investment plan worth 20 trillion won.

On-site at the “Vision Briefing for Gumi’s Great Leap Forward in the 9th Elected Term” [Photo provided by Gumi City]

On October 14, Gumi City held a "Vision Briefing on Gumi's Great Leap Forward in the 9th Local Government Term" at City Hall, attended by around 200 people, including heads of institutions and organizations and members of the Local Economy Revitalization Committee.

Marking 100 days since the launch of the ninth local government term, the briefing was organized to share the city's policy direction, centered on economic, residential, and spatial innovation, and to establish a public-private cooperation system to restore the livelihoods economy.

The city plans to accelerate the development of its semiconductor, defense, artificial intelligence (AI), and robotics industries, building on an investment plan worth 20 trillion won in total, including 19 trillion won from Samsung, and efforts to attract a specialized complex for the robotics sector, designated as a national high-tech strategic industry.

It will expand the Gumi Love Gift Certificate program and support for small business owners, while also improving conditions at traditional markets through projects such as the redevelopment of Indong Market and the modernization of Sinpyeong Market.

The city will also improve living conditions in areas including education, culture, and transportation; expand regional transport networks; develop new industrial complexes; and regenerate older urban areas. Major transport projects, including the Gumi-Gunwi Expressway and the Daegu-Gyeongbuk metropolitan railway, will broaden the foundation for urban growth. The city also plans to revitalize the old downtown by creating a startup valley using vacant storefronts and renovating the area around Gumi Station.

The Local Economy Revitalization Committee, launched that day, consists of 62 field representatives and experts across five divisions: food service and lodging, distribution and services, small and medium-sized local businesses, women’s and youth entrepreneurship, and farming and returning to rural areas. A cooperation group comprising 25 heads of local institutions and organizations will also provide policy advice and support.

The committee will gather feedback on difficulties faced on the ground through quarterly discussions and policy proposals. The feedback will be incorporated into policy after the relevant departments draw up implementation plans and review results. Gumi City has also established a Neighborhood Commercial District Support Team to strengthen cooperation between local businesses and the administration.

Gumi Mayor Kim Jang-ho said, "We will build a virtuous cycle in which industrial growth and investment attraction lead to increased local spending and a more vibrant livelihoods economy. We will press ahead with the three key innovations to deliver changes that residents can feel."

A key challenge for the ninth local government term's economic policy is whether it can translate large-scale investment into higher sales for local businesses and a recovery in consumer sentiment that residents can feel.

This content was produced with the assistance of AI translation services.