Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.
KTX to make Korea 90-minute life zone in 2020
By Lee Hyo-sik
Korea will expand its bullet train network across the country to connect all major cities by 2020, making it possible for people to travel from any destination on the peninsula within two hours, the Ministry of Land, Transport and Maritime Affairs said Wednesday.
In a report to President Lee Myung-bak at the Korea Railway Research Institute in Uiwang, Gyeonggi Province, the ministry said it will secure 6 trillion won ($5 billion) each year from 2012, up from this year’s 4 trillion won, in order to extend high-speed railway tracks to transport more travelers and cargo across the nation.
Under the plan, the construction of a high-speed railway for the nation’s bullet train Korea Train Express (KTX), which links Daegu and Busan, will be completed in November this year ahead of the G20 Summit.
The lines linking Daejeon and Daegu, and Osong and Gwangju will be completed by 2014. Currently, KTX runs on conventional tracks on these sections.
Additionally, the ministry plans to improve conventional railways nationwide to raise the maximum speed of bullet trains up to 230 kilometers per hour from the current 150 kilometers.
A more advanced version of the KTX train will be introduced in 2012, which can operate at the maximum speed of 430 kilometers per hour on high-speed tracks. The bullet train currently in service can go as fast as 330 kilometers.
The ministry also plans to build transport transfer centers at major stations so train travelers can reach their final destinations by taxi or bus more conveniently.
By 2020, the ministry estimates that the travel time between Seoul and Busan by KTX will be shortened to one hour and 20 minutes from the current three hours, with daily KTX users reaching 770,000 in 2025, up from 310,000 in 2007.
“Transporting people and cargo by regular vehicle has become less economical and environmentally-sustainable due to a shortage of roads and soaring traffic. Now is the time for the nation to focus on railways for its transportation needs,” President Lee said at the meeting.
He said the bullet trains and extensive high-speed railways will not only produce greater economic benefits, but also help Korea achieve green growth while coping with global climate change.
By Lee Hyo-sik
KTX로 2020년까지 전국을 90분 생활권으로
정부는 2020년까지 전 국토를 KTX로 연결, 전국 어느 지역이든지 2시간 이내에 이동할 수 있게 한다고 발표했다.
국토해양부가 1일 이명박 대통령에게 보고한 `KTX 고속철도망 구축전략'에 따르면 2012년부터 매년 6조원을 투입 전국토의 84%가 1시간30분대 생활권으로 들어오게 된다.
경부고속철도 2단계 사업인 대구-부산 구간은 올 11월 개통하고, 수도권 노선인 강남 수서-평택 구간은 2014년까지 건설된다.
현재 3시간 걸리는 서울-부산 운행시간은 1시간20분까지 줄어들게 된다.
시속 430km급 차세대 고속열차를 2012년까지 개발하고, 도시형 자기부상열차 등 다양한 도시교통수단의 개발도 추진할 방침이다.