President Moon: "Seoul and Capital Area Must Accelerate 'Real Estate Supply Expansion'"

President Moon Jae-in is speaking on the 27th at the Blue House before the Ministry of Land, Infrastructure and Transport and the Ministry of Oceans and Fisheries report their work.
[Image source=Yonhap News]

[Asia Economy Reporter Son Sun-hee] President Moon Jae-in said on the 27th, "We need to accelerate the expansion of supply in Seoul and the metropolitan area," and added, "Please expedite the plan to supply 300,000 housing units in the metropolitan area as much as possible, and ensure that the housing supply plan within downtown Seoul can start recruiting residents within this year."

At the Ministry of Land, Infrastructure and Transport and Ministry of Oceans and Fisheries briefing held at the Blue House State Guest House that day, President Moon said, "There must be noticeable achievements in housing supply for real demanders to feel reassured." He also urged, "Please do your best to ensure the supply of 210,000 customized public housing units tailored to life cycles within this year, improvement of vulnerable residential environments, and strengthening tenant protection proceed without any setbacks as planned."

President Moon said, "The core is economic vitality. The novel coronavirus disease (COVID-19) has already dealt a severe blow to our economy," and added, "I hope the two ministries will take the lead in revitalizing the economy by maximizing their roles, including support for the aviation and shipping industries that are directly affected." This was the fifth ministry briefing this year, and the Blue House explained that the number of attendees was minimized to about 90 considering the COVID-19 quarantine situation.

President Moon said, "The government has been promoting various policy measures in a complex manner to revitalize the regional economy, such as innovation cities, renovation of old industrial complexes, urban regeneration New Deal, and living SOC," and urged, "If we have laid the foundation for regional economic hubs so far, this year we must focus all efforts on producing concrete results." He continued, "A particularly important task is to speed up public investment in the construction sector," adding, "The construction of metropolitan railway networks, metropolitan and regional road networks, and regional SOC investments will provide transportation convenience to local residents and greatly help solve housing problems and revitalize the regional economy." He also added, "I ask for prompt execution so that the budget, which has been significantly increased compared to last year, can serve as a catalyst for private investment."

Quoting the proverb, "Farmers sow seeds even during the barley hump," President Moon reiterated the call for economic vitality, saying, "While quickly calming the COVID-19 situation is the government's top priority, it is also the role of a responsible government not to relax the reins on people’s livelihoods and the economy even for a moment."