Ministry of Land-affiliated Agencies to Spend 41.8 Trillion Won This Year...Significant Investment Expansion

An Increase of 6.2 Trillion Won Compared to Last Year
LH Spends 28 Trillion on Land Compensation for 3rd Phase New Towns

Minister of Land, Infrastructure and Transport Byeon Chang-heum is attending the full meeting of the Land, Infrastructure and Transport Committee held at the National Assembly on the 22nd, delivering a work report. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Moon Jiwon] Public institutions under the Ministry of Land, Infrastructure and Transport (MOLIT) have decided to invest 41.8 trillion KRW this year across all sectors including airports, railroads, roads, and construction to overcome COVID-19 and support economic recovery.

On the 2nd, MOLIT announced that it held a meeting with heads of public enterprises and quasi-governmental agencies at the Government Sejong Complex to finalize this plan.

This meeting was organized to share MOLIT's work plan for this year and discuss expanding public institution investments to overcome COVID-19, supporting small business owners and vulnerable groups, and strengthening on-site safety.

The meeting was attended by key MOLIT executives including Minister Byeon Changheum and heads of MOLIT-affiliated institutions such as Incheon International Airport Corporation, Korea Airports Corporation, Korea Land and Housing Corporation, Korea Expressway Corporation, Korea Railroad Corporation, Korea Real Estate Board, and Housing and Urban Guarantee Corporation.

Public institutions under MOLIT plan to invest 41.8 trillion KRW this year, an increase of 6.2 trillion KRW from last year's 35.6 trillion KRW, to support overcoming the COVID-19 crisis and economic recovery.

Looking at the expenditure plans by institution, Korea Land and Housing Corporation (LH) will provide 28.4823 trillion KRW. This includes 9.1054 trillion KRW for land compensation for the 3rd new town projects such as Namyangju Wangsuk, 3.0923 trillion KRW for site development costs, and 5.9878 trillion KRW for building construction costs in areas like Hwaseong Dongtan, as well as 10.2969 trillion KRW for public remodeling and other residential welfare expenses.

The Korea National Railway Corporation will spend a total of 5.9932 trillion KRW across sectors including high-speed rail (399.1 billion KRW), general railroads (3.2102 trillion KRW), and metropolitan railroads (527.9 billion KRW). Incheon International Airport will spend 963.8 billion KRW, including 622.2 billion KRW for the 4th phase of airport construction, and Korea Expressway Corporation will allocate 5.2188 trillion KRW for projects such as the Anseong-Guri expressway.

Additionally, to alleviate burdens on citizens and businesses such as rent reductions for small business owners and deferred payments of airport facility usage fees, 28 public institutions will support approximately 437.3 billion KRW in rent reductions and related measures.

In his opening remarks, Minister Byeon emphasized, "Cooperation with public institutions is essential for MOLIT's policy direction this year to produce results on the ground," and urged, "Please actively share the policy vision by sector with public institutions and implement it proactively on-site so that the public can feel the effects directly."