By Yoon Ja-young
The government will build a 483-kilometer coastal road in the southern coastal part of the nation as part of a long-term project to develop the area into a global tourism destination.
This is the latest in a series of measures to promote tourism as a means of revitalizing the local economy. The government unveiled such plans at a trade and investment promotion meeting, Monday, presided over by Acting President Hwang Kyo-ahn.
“Due to protectionism in trade and political risks, uncertainties are increasingly hindering both consumption and investment,” Strategy and Finance Minister Yoo Il-ho said at the meeting. “The government is making efforts to revitalize the economy.”
The promotion plan comes as both the corporate and household sectors are losing steam. According to a survey by the Korea Chamber of Commerce and Industry, 34 percent of businesses plan to decrease investment in the first quarter while only 9 percent have plans to increase it. A sluggish domestic market has also become a chronic problem, with households cutting spending for the first time last year.
Notable among the government plan is the coastal tourist road that stretches from Geoje Island in South Gyeongsang Province to Goheung in South Jeolla Province. Benchmarking national tourist routes in Norway which attract tourists around the world to see the country’s fjords, the 483-kilometer route will link coastal roads in southern provinces known here for their scenic views. It will include observatories and parks at key posts, on top of cafes, art galleries and museums set up by private investors. Over 1,300 small islands located in the region will also be developed, offering diverse tourist options.
Also getting attention is the plan to transform obsolete shipyards into tourist attractions. The state-run Land and Housing Corporation (LH) will purchase the shipyards first, to develop them jointly with local governments. It is benchmarking Malmo in Sweden, where shipyards that closed down in the late 1980s were successfully transformed into a new town. The city currently harbors new industries such as renewable energy, IT and bio.
The government unveiled deregulations to boost the economy. It includes deregulation of the beer industry, amid consumer complaints that strict regulations are behind the tastelessness of domestic beers. Beers crafted by microbreweries are currently available only at pubs but they will be sold at retail outlets and convenience stores as well. It will also allow diverse ingredients such as chestnut and sweet potato, so that beers can come with diverse flavors.
Also notable the is deregulation of parking lots to enhance efficiency. For instance, residents of apartments will be allowed to collect parking fees by opening their parking spots to non-residents during the daytime. Parking lots at schools and commercial facilities, meanwhile, will be open for residents at night.
Regulations on cable car business will also be eased, to accelerate development of mountains into tourist spots. The government expects the measures unveiled will incur 2.1 trillion won in investments on top of creating 55,000 jobs.