Jeonbuk Special Self-Governing Province has proposed the "Felt Economy that Changes Tomorrow" as its economic vision for the 9th popular election, embarking on a growth strategy that brings tangible changes to the daily lives and incomes of its residents. The province's blueprint aims to lay down systems and infrastructure this year, materialize investments and projects next year, and translate these into substantial changes in residents' lives by the year after next.

According to the province on the 23rd, Jeonbuk's Gross Regional Domestic Product (GRDP) for 2024 stands at KRW 66.8 trillion, accounting for 2.6% of the national total and ranking seventh among the nine provinces. Its industrial structure leans heavily toward small business owners. As of 2023, out of 295,000 corporate entities in the province, 96.4%—or approximately 284,600—are small business owners, and they account for 36.2% of total corporate sales.

In response, the province is moving away from a reliance on external resources, pursuing a self-reliant growth system where local enterprises, capital, and talent grow together. The core objective is to create a virtuous cycle where businesses that grow locally reinvest in the region, with their achievements feeding back into alleyway commerce, job creation, and resident incomes.

The strategy to achieve this consists of 3 major fields and 10 projects. The three pillars—strengthening the foundation for self-reliant growth, fostering innovative regional enterprises, and building a vibrant livelihood economy—are not isolated projects. Instead, they mesh together as a single ecosystem where capital is created, businesses are grown with that capital, and corporate achievements flow back into local alleyways.

First, the province is setting out to create an investment ecosystem. The plan is to connect Jeonbuk Growth Co., Ltd., which executes investments, the Future Growth Fund, which secures financial resources, and the 3rd Financial Hub, where capital gathers, into a Jeonbuk-style investment pipeline. Jeonbuk Growth Co., Ltd. will serve as the regional investment control tower—overseeing fund investments, strategic industry project financing, and private capital-linked investments—while driving the virtuous cycle of local funds, autonomous growth, and realizing resident shareholder participation and profit returns.

To achieve foundation-based self-reliant growth, the Future Growth Fund plans to create a KRW 5 trillion fund jointly participated in by established local senior enterprises, financial institutions, and city-county governments. Leveraging the attraction of financial institutions, the cultivation of financial talent, and the designation of a fintech incubation district, the 3rd Financial Hub will be fostered through three specialized financial sectors—asset management, agribio, and climate/energy—along with the construction of an international financial center.

Enterprise growth will be supported on a step-by-step basis. To help youth and startup businesses grow steadily, the province will build the Jeonbuk Startup Park—a complex startup space—and create a startup ecosystem capable of providing full-cycle support including space, funds, mentoring, and market development. Furthermore, the province will expand fund investments in enterprises with high growth potential, aiming to nurture 100 Jeonbuk-style star enterprises with annual sales exceeding KRW 100 billion.

The livelihood economy sector focuses on enhancing the competitiveness of small business owners and the self-sustainability of alleyway commerce. Starting in 2027, the province will help local brands, such as Jeonbuk Millennium Masterpieces, advance into the national market, while expanding market access through online store listings, content production, and digital vouchers. A joint wholesale logistics center will be established to lower logistics cost burdens, and refund benefits will be provided when using digital Onnuri gift certificates. Scattered support desks will be consolidated into the "Visiting One-Stop Growth Support Center" to provide comprehensive assistance from startup and management to business closure and reinvention, alongside mobile task forces where experts directly visit the field.

"The felt economy is a single economic engine where various policies mesh together like cogs in a wheel," said Yoo Hee-sook, Director of the Corporate Attraction Support Bureau at Jeonbuk Self-Governing Province. "Together with the cities and counties, we will ensure that our capital nurtures our enterprises, and that growth translates into vitality across every corner of the region."

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