GTX-B Project Approved by Private Investment Committee... Opening a 30-Minute Commute Era in the Seoul Metropolitan Area

President Yoon Suk-yeol's promise to begin construction next month on the metropolitan area express railroad (GTX) Line B project has passed the threshold of the Private Investment Project Deliberation Committee (MinTuSim).

On the 27th, the Ministry of Economy and Finance held the first MinTuSim meeting of 2024 at the Seoul Government Complex conference room, chaired by Kim Yoon-sang, the 2nd Vice Minister of the Ministry of Economy and Finance, and deliberated and approved two agenda items, including the GTX Line B implementation agreement.

This project is a private investment project (BTO) worth 4.2894 trillion KRW to construct the GTX between Yeonsu-gu, Incheon, and Namyangju-si, Gyeonggi-do, and once completed, it is expected to open the '30-minute metropolitan area commute era' from the eastern and western parts of the metropolitan area to downtown Seoul.

The project operator has been designated as 'Sudogwon Gwangyeok Geuphaeng Cheoldo B Noseon Jusikhoesa' (Metropolitan Area Express Railroad Line B Corporation), with construction starting in the first half of this year and aiming for opening in 2030.

Additionally, the Ministry of Economy and Finance discussed the investment plan for private investment projects this year and decided to discover new private investment projects worth more than 15.7 trillion KRW within this year. This is an increase of 2.7 trillion KRW compared to last year's target of 13 trillion KRW, totaling 15.7 trillion KRW.

To actively discover new private investment projects, the Ministry encourages expanding private investment projects beyond existing roads and railroads to include cultural and tourism facilities, local government offices, and plans to strengthen procedural management focusing on large-scale private investment projects to execute 5.7 trillion KRW within the year.

Improvements to the private investment project system will also be pursued. In cases where a significant decrease in demand is expected, the 'demand forecast re-investigation' currently taking 270 days will be shortened by four months to 150 days within the first half of the year, and the 'private investment eligibility re-investigation' conducted after the demand forecast re-investigation will also be shortened from 270 days to 210 days.

Vice Minister Kim said, "We will work together with the competent authorities and the Ministry of Economy and Finance to ensure that major private investment projects, including the GTX-B approved today, proceed without setbacks to contribute to revitalizing the economy and improving the convenience of citizens' lives," adding, "We will also make every effort to manage the progress throughout the entire process from discovering new private investment projects to signing agreements, starting construction, and completion."