1.7 Trillion Won Invested in Development of Pyeongtaek Area for US Military Base Relocation This Year

This Year's Implementation Plan Confirmed... 1.7853 Trillion KRW for 19 Projects Across 8 Ministries
Government Invested a Total of 18.9796 Trillion KRW in 86 Projects Over 17 Years from 2006 to 2022

[Asia Economy Reporter Lim Cheol-young] The Ministry of the Interior and Safety announced on the 2nd that it has established the "Pyeongtaek Regional Development Plan 2021 Implementation Plan" and will invest 1.7853 trillion won in 19 projects across 8 ministries, including the Ministry of Land, Infrastructure and Transport and the Ministry of Oceans and Fisheries, to develop the Pyeongtaek area where the US military base has been relocated.

The Pyeongtaek Regional Development Plan is a government-wide initiative to minimize the negative impacts on the Pyeongtaek area and support regional development following the relocation of US military bases scattered in Yongsan, Uijeongbu, Paju, Dongducheon, and other areas to Pyeongtaek City.

The government established the "Pyeongtaek Regional Development Plan due to the Relocation of US Forces Korea Bases," investing a total of 18.9796 trillion won in 86 projects over 17 years from 2006 to 2022. Up to last year, a total of 20.4225 trillion won has been supported for 80 projects, achieving a 108% implementation rate compared to the plan. Notably, last year, the Poseung (BIX) district development project for fostering an eco-friendly future automobile cluster base was completed.

This year, a total of 1.7853 trillion won will be invested in 19 projects, including 191.8 billion won in national funds, 43.5 billion won in local funds, and 1.55 trillion won in private investment. Although the overall investment scale decreased by 1.0927 trillion won compared to last year's 2.878 trillion won due to the completion of the second phase of the Godeok Internationalization Plan District and reductions in local and private investments, national funds will increase by 35.1 billion won from the previous year to 191.8 billion won.

The main investment areas are divided into two sectors: the resident welfare enhancement sector, which aims to improve residents' welfare conditions and living convenience, and the infrastructure construction sector, which promotes SOC construction such as roads, railways, ports, and urban development to revitalize the regional economy. First, in the resident welfare enhancement sector, 191.2 billion won will be invested in 11 projects, including the Stable Community Plaza Creation Project (7.6 billion won), the Peace Arts Center Construction Project (4 billion won), and the Seojeong Station Transfer Center Construction Project (11.5 billion won).

In the infrastructure construction sector, 1.5941 trillion won will be invested in seven projects, including the Ihwa-Samgye Road Construction Project (3.2 billion won), the Poseung-Pyeongtaek Industrial Railway Construction Project (27.6 billion won), and the Pyeongtaek-Dangjin Port Development Project (129.6 billion won).

Park Seong-ho, Director of Local Autonomy and Decentralization at the Ministry of the Interior and Safety, said, "The government has contributed to protecting the rights and interests of Pyeongtaek residents and revitalizing the regional economy through continuous support and private investment." He added, "We will continue to support the successful implementation of the planned regional development projects."