Saemangeum to Become Energy Self-Sufficient City by 2024... Airport and Port Construction by 2030

[Image source=Yonhap News]

[Asia Economy Reporter Seongpil Cho] The government is accelerating the development of Saemangeum to transform it into a green energy and new industry hub by 2050. It plans to ramp up renewable energy projects such as solar and wind power to start electricity production from next year and complete the construction of a new airport and new port by 2030.

The Saemangeum Development Agency reported the second-phase basic plan for Saemangeum, including these details, at the 25th Saemangeum Committee meeting held on the 24th at Jeonbuk Provincial Office, chaired by Prime Minister Jeong Seyeon. This plan contains the development blueprint through 2030.

The government will first establish a smart green industrial complex and a green hydrogen complex using renewable energy by 2024, aiming to make Saemangeum a self-sufficient energy city model. It also set goals to expedite the construction of key infrastructure, completing the Saemangeum New Airport by 2028 and the new port by 2030. The construction of the Saemangeum?Jeonju Expressway is scheduled to be completed by 2024.

To improve investment conditions, the government will directly build major sections of the planned internal arterial roads with private capital and reduce investors' burdens by expanding public enterprise participation. Various support measures will be prepared to attract private investment, including providing affordable long-term leased land, incentives such as renewable energy power generation rights, and designation of investment promotion zones.

Through the second-phase plan, the government aims to complete about 78% of land development and, through subsequent 10-year plans, develop Saemangeum into a green new deal and new industry hub with a population of 270,000 by 2050.

At the meeting, Prime Minister Jeong pledged active support, saying, "We must roll up our sleeves again to get the Saemangeum project back on track." He added, "The central and local governments will work together to significantly increase jobs and tourists in Saemangeum and Jeonbuk to quench the thirst of Jeonbuk residents," and promised to "strengthen financial support for large-scale infrastructure."