Osaka city announced its 2020 budget draft on Thursday, with the JPY 1.77 trillion budget seemingly focused on preparations for hosting the 2025 World Expo and development of an IR, emphasizing the city’s growth strategy.
While the city faced its first deficit in four years, investment funds increased by 14% compared to last year.
At a press conference, Mayor Ichiro Matsui said, “This budget is made for Osaka’s growth and to protect children. We want Osaka to continuously grow and to become an international city.”
The 2025 World Expo promotion budget is more than double the amount allocated 12 months ago times that of last year’s, set at JPY 325 million (US$3 million). Yumeshima, the artificial island in Osaka Bay that will serve as the location for the event, is basically nothing but empty land and water that still needs reclaiming.
The southern part of the island will be built up over the next two years and this budget will also go toward basic design expenses related to venue construction.