GAROK Holds Emergency Meeting on Livelihood Stability and Economic Recovery

Busan, South Korea -The Governors Association of the Republic of Korea (GAROK), chaired by Busan Mayor Park Heong-joon, convened its 60th emergency meeting on December 17, 2024, in Seoul. The session brought together the mayors of metropolitan cities and governors of provincial governments to discuss urgent measures aimed at stabilizing citizens' livelihoods and revitalizing regional economies in the face of ongoing economic challenges and political uncertainty.

The meeting was held amid concerns over a slowing economy, declining domestic consumption, and reduced foreign investment, which have exacerbated economic struggles for local businesses and citizens. With political instability further affecting confidence, the session emphasized the need for immediate, coordinated efforts by local and central governments to address the situation.

Busan Mayor Park Heong-joon, in his capacity as GAROK chair, stressed the pivotal role of local governments in protecting citizens’ livelihoods. He urged for proactive measures to support small businesses, bolster regional economies, and restore public stability.

“Local governments are the closest to the people and must take the lead in addressing their needs during these difficult times,” said Mayor Park. “We call on the central government to implement a supplementary budget, accelerate fiscal execution, and introduce regulatory reforms to boost economic recovery.”

At the meeting, GAROK members adopted a joint statement outlining key priorities to navigate the current challenges. The statement highlighted the urgency of:

1. Economic Recovery Measures

• Rapid implementation of a supplementary budget and expedited fiscal spending to stabilize local economies.
• Regulatory easing to support businesses and stimulate investment.

1. Balanced Regional Development

• Continued execution of “Local Era” initiatives to unlock growth in non-metropolitan regions.
• Release of greenbelt zones and establishment of Opportunity Development Zones to drive economic activity and job creation.

The local leaders pledged to prioritize targeted support for small businesses and winter welfare programs for vulnerable communities, which have been particularly hard hit by the economic downturn. They also discussed strategies to attract foreign investment and revitalize the tourism industry, both crucial for regional economic recovery.

During the session, Incheon Mayor Yoo Jeong-bok was elected as the next GAROK chair, set to begin his one-year term on January 1, 2025, succeeding Busan Mayor Park Heong-joon. Yoo pledged to continue fostering cooperation among regional governments to address shared challenges and advance balanced national development.

The meeting concluded with a unified commitment to implementing practical measures that directly benefit citizens and strengthen regional economies. Local leaders emphasized that collaboration and decisive action are critical to overcoming economic uncertainties and restoring public confidence.