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Posted : 2013-07-05 18:12
Updated : 2013-07-05 18:12

Gov't to spend W124 tril. on local projects

By Kim Rahn 

The government will invest a total of 124 trillion won to support 167 infrastructure projects across the country, the Ministry of Strategy and Finance said, Friday.

The huge investment was part of President Park Geun-hye’s election campaign pledges.

“These are plans to put her pledges into practice. We’ll draw up detailed schemes together with related ministries and local governments,” Vice Finance Minister Lee Suk-joon said.

According to the plan, 84 trillion won will be spent on 96 new projects and 40 trillion won for 71 projects that have already been launched.

The projects include building railroads, expressways, and other transportation facilities and establishing research or industrial complexes.

For the new projects, the government has allocated an initial 84 trillion won, subject to increases depending on the outcome of planned further consultations and reviews. The government will soon start assessing the economic feasibility of projects that require more than 50 billion won in funding.

Projects which gain high support from residents of the regions with the potential to create jobs there will be prioritized.

However, there are concerns over how the government will prepare the huge budget. Given that it takes between five to 10 years for such large-scale projects to be completed, most think Park’s successor will have to take over the responsibility of executing these projects.

“Those projects are needed for the nation’s development and are carried out through due procedures. They will be carried out as long as the state exists, whether by the current or the next government,” a ministry official said.

To reduce the burden on the state, the government said it will attract as much private investment as possible.


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